In the Mix Cakery LLC has received approval from the Enterprise Zone Commission to reduce its required investment commitment from $896,908 to $450,000, after the company informed officials that financing had not come through at the level originally anticipated.
The action was taken during Tuesday’s Enterprise Zone Commission decision meeting, where staff recommended approval of the company’s request while keeping all other terms of its Enterprise Zone certificate unchanged.
In the Mix Cakery was previously granted South Shore Trade Zone tax benefits to conduct business within the zone at the William D. Roebuck Industrial Park, Building 3B, 302. Under its original terms, the company committed to investing $896,908 toward outfitting the business and purchasing machinery.
Nadine Marchena Kean, managing director of the Enterprise Zone Commission, told board members that during the orientation process, the beneficiary indicated it had not received financing at that level. However, she said the company still expected to carry out the work it had committed to, other than investing at the previously stated amount.
The company requested that its required investment be reduced to $450,000.
Staff recommended that the board approve the modification and that all other terms and conditions of the Enterprise Zone certificate remain unchanged and in full effect.
Commissioner Andrew Penn asked whether the company’s employment commitment would also remain in place. Staff confirmed that In the Mix Cakery is still committed to employing 11 workers, including 10 permanent full-time employees and one apprentice.
Penn also asked whether the company’s revenue projections remained in line despite the reduced investment commitment. Kean said the additional financing would have supported activities that may have added revenue, but the company’s base revenue projections remain in line.
The motion to approve the reduced investment requirement passed, with the board approving the change from $896,908 to $450,000.
The approval allows In the Mix Cakery to move forward under a lower investment threshold while maintaining its employment obligations and the other requirements attached to its South Shore Trade Zone benefits.
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