NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...

Employment: Initial employment at time of ESD Incentive Offer: 26
Current employment level: 46
Minimum employment through January 1, 2016: 44
II. Project Cost and Financing Sources
Financing Uses
Amount
Construction/Renovation $3,234,398
Machinery and Equipment Acquisition 3,166,570
Real Estate Acquisition 13,220
Infrastructure/Site Work 137,498
Additional project costs
148,303
Total Project Costs $6,699,984
Financing Sources Amount Percent Rate/Term/Lien
ESD-Grant $175,000 3%
Lyons National Bank - Loan 2,140,000 32% 5.6%/20 yrs/first lien on RE
Lyons National Bank - Loan 1,993,207 30% 5.15%/7 yrs/ 2 nd
lien on ME
Lyons National Bank - Loan 75,000 1%
st
3.5%/7yr/1 lien on assets
Wayne Co. IDA - Loan 300,000 4%
nd
3.25%/20yrs/2 lien on assets
New York Apple Sales 400,000 6% promissory note - 5%/1yr
Rochester Gas & Electric-Grant 135,000 2%
NYSERDA - Grant 63,000 1%
Company Equity 1,418,776 21%
Total Project Financing $6,699,984 100%
III. Project Description
A. Company
Industry: Empire Fruit Growers Co-Op, Inc., specializes in apple growing, packing
and shipping.
Company History: Incorporated in 1988, Empire Fruit Growers Co-op is a state-of-the-art
apple packing and marketing facility located in Finger Lakes Region. EFG
consists of five farm owners: Doyle Farms, Teeple Farms, Tree Crisp
Orchards, Wafler Farms, and VanFleet Orchards. Forming a Co-Op
provided each owner a secure portion of the market for their apple crops
and allows EFG to remain competitive. The five founding members of
Empire Fruit Growers combined their resources and purchased a 15,000
square foot packing facility along with six acres of land. The facility was
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