GNMO II Deploys $10 Million In New Markets Tax Credits In Greenville County
June 10, 2015
Funds Bring Sweet Street Bakery to Former Sara Lee Facility. 100 New Jobs Expected.
GREENVILLE, SC – Greenville New Markets Opportunity II (GNMO II), a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has deployed $10 million of New Markets Tax Credit allocation into development of a Sweet Street Desserts, Inc. manufacturing facility that just opened in Greenville. The bakery will occupy a 120,000-square-foot site located at 1916 Piedmont Highway and is expected to create 100 permanent jobs in the coming years.
In addition to generating permanent jobs at its new Greenville production facility, Sweet Street is working closely with Apprenticeship Carolina to create nine separate culinary apprenticeship programs here. The expected direct local economic impact is projected to be approximately $92 million.
Sweet Street Desserts, which has more than 700 employees and is headquartered in Reading, Pennsylvania, is considered the premier gourmet dessert manufacturer in the world, providing a wide range of dessert products in more than 60 countries globally. Many of the world’s leading foodservice establishments — including well-known hotels, restaurants, cafes and upscale supermarkets — serve Sweet Street products as their own, and Sweet Street is consistently voted by food service professionals as the most innovative and one of the Top 10 food service suppliers in the United States.
The GNMO II funds awarded to Sweet Street Desserts will be instrumental in revitalizing a long-dormant bakery with new machinery and equipment, transforming it into a state-of-the-art facility capable of handling multiple baking processes. The company expects to begin manufacturing operations this summer to service customers around the world.
“We are extremely pleased to establish new operations in Greenville, and very appreciative of the New Markets Tax Credit funding from GNMO II,” said Sweet Street Desserts Founder and CEO Sandy Solmon. “It allows our company to maintain industry leadership while bringing new jobs to South Carolina — a win/win for all.”
“This is a tremendous example of the benefits New Markets Tax Credits can have on a local economy,” said taxadvantagegroup President Tammy Propst. “We are indebted to U.S. Senators Tim Scott and Lindsey Graham and U.S. Congressman Trey Gowdy for helping to secure the Round 11 GNMO II allocation, which has quickly produced positive results for the citizens of Upstate South Carolina.”
For more information about Sweet Street Desserts, visit www.sweetstreet.com.
About GNMO II
Greenville New Markets Opportunity II, LLC (GNMO II) is a Community Development Entity under the provisions of the Community Development Financial Institutions Fund, which in 2014, was awarded a $38 million allocation of New Markets Tax Credits. GNMO II’s mission is to serve and provide investment capital for real estate development projects in low-income communities across the 10-counties in Upstate South Carolina. GNMO II affiliates are the Greenville Local Development Corporation and taxadvantagegroup.
