NEW YORK — Fairway Market is seeking $3.7 million in tax benefits for a new central bakery and commissary in the Bronx.
The new facility would allow Fairway to consolidate its baking, produce processing and food preparation functions that currently occur at certain stores.
In papers filed with the city’s Industrial Development Agency, the retailer said it was proposing to lease a 154,000-square-foot industrial building in the Bronx and renovate it so that it could begin using the new center next spring. Total project costs are estimated at $8.1 million, including approximately $3.25 million for construction costs and $4 million for new machinery. Fairway said it intended to relocate 55 jobs to the new center and would add an additional 30 jobs within the next five years.
Fairway is seeking $3.68 million in tax relief for the project, consisting mainly of a building tax exemption of $2.4 million and a land tax abatement of $922,000, as well as sales tax and mortgage tax abatements. The IDA analysis estimated the project would provide a benefit to the city of $14.1 million in direct and indirect taxes.
A public hearing on the project is set for next week.
|Suggested Categories||More from Supermarketnews|