Subsidy Tracker Individual Entry

Company: 
Fresh Direct Holdings, Inc.
Parent Company: 
Fresh Direct
Subsidy Source: 
multiple
Location: 
New York
City: 
Bronx
County: 
Bronx
Address: 
East 132nd Street
Zip: 
10454
NAICS Industry Code: 
492210
Project Description: 

online grocery delivery business

Year: 
2013
Major Industry of Parent: 
retailing
Specific Industry of Parent: 
retail-internet
Subsidy Value: 
$171,139,843
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
2,895
Wage Data: 
$35,000
Wage Data Type: 
average annual wage including hourly and corporate/operations
Capital Investment: 
$112,573,661
Source of Data: 

The estimated value and the breakdown of the subsidy package as well as jobs and investment data were based on the January 26, 2012 NYCIDA Project Cost/Benefit Analysis, Project Financing Proposal included in the inducement resolution from February 14, 2012, final Authorizing Resolution project materials from the NYCIDA meeting of July 23, 2013 and the General Project Plan adopted by the New York State Empire State Development board of directors at their February 19, 2015 meeting, posted at: http://goodjobsny.org/newsroom/news-fresh-direct-spurs-border-war-new-je.... Subsidy value was estimated from Excelsior Jobs Program Quarterly Report, December 14, 2014 available at: http://esd.ny.gov/Reports.html and the NYCIDA Annual Investment Projects Report, FY2014 available at: http://www.nycedc.com/about-nycedc/financial-public-documents.

Notes: 

The subsidy was put together by the New York City Industrial Development Agency and the New York State Empire State Development in response to Fresh Direct's threat to move its operations and facilities to New Jersey. The total subsidy package includes: approximately $80 million in NYCIDA financing; $18.9 million in available Excelsior tax credits; a $9 million Empire State Development capital grant; low-cost power through NYSERDA and New York Power Authority and the NYC Economic Development Corporation's Business Incentive Rate program. The company is also eligible to receive over $52 million through an as-of-right property tax abatement. Subsidy value does not include federal EB-5 and New Market Tax Credit benefits, which the firm has listed as additional financing sources. The job number represents both new jobs and jobs retained. Overlaps with main Subsidy Tracker data: a 2013 entry for $18,930,228 from Excelsior Jobs Program.

Source Notes: 
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