Gold Crust Baking Company, a family-owned wholesale bakery specializing in breads and rolls, is relocating its operations from Alexandria, VA to Landover, MD, the Maryland Economic Development Corporation (MEDCO) announced last week. The 10 year-old company manufactures more than 20 million pounds of dough per year for hotels, restaurants, and catering companies in the Mid-Atlantic region.
The move will initially create up to 60 new jobs in Maryland, according to the company. Plans to expand the frozen product line will create another 50 new jobs over the next three to five years.
"We all face major choices that shape our business and the lives of our employees. Gold Crust Baking Company, Inc. seized this opportunity and the support of MEDCO that marks a decisive step in growing our bakery," says Nausika Lyubinsky, owner of Gold Crust Baking Co. "We are extremely excited to move into Maryland and start the next phase of our journey."
To assist Gold Crust with its relocation and improvements to its new building, MEDCO, a private corporation established by the State that issues bonds to finance development projects, is providing tax-exempt financing through the issuance of non-recourse revenue bonds, allowing the company to borrow money at a lower rate. The company will also be eligible for Job Creation Tax Credits through the State, and will receive benefits for being located in one of the State's Enterprise Zones.
Source: MEDCO
Writer: Walaika Haskins