Completed Projects
Project Palermo's
The Project:
Palermo Villa, Inc. sought a $9.25 million New Market Tax Credit allocation to finance equipment for new packaging capabilities and equipment upgrades to its 250,000-square-foot pizza manufacturing facility located at 3301 W. Canal St. The Project transformed the packaging layout, which included three lines, into a packaging operation that maintains the maximum speed of the lines and added new equipment for shrink wrapping, cartoning, case packaging and palletizing. The new equipment will also provide more ergonomically friendly workspace.
Total Project Costs $0
FIRE NMTC Allocation $9,250,000
NMTC Investor US Bank CDC
Closing Date December 2016
Distress Criteria
Community Impacts
Jobs:
The project created 92 permanent jobs and retained 643 permanent jobs, all of which are quality jobs and 579 are available to low-income persons based on educational attainment requirements. .
This Project has helped led to the continued growth of Palermo, which is currently in the process of implementing a $12 equipment
FIRE welcomes requests for NMTC’s throughout the year as we work to maintain an active pipeline of viable and potential projects throughout the region.