CITY COUNCIL APPROVAL OF JACQUELINES TIF �' `�
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COUNCILLORS-AT-LARGE PAUL C. PREVEY WARD COUNCILLORS
2009 PRESIDENT
2009
THOMAS H. FUREY CHERYL A. LAPOINTE ROBERT K. MCCARTHY
JOAN B. LOVELY CITY CLERK MICHAEL SOSNOWSKI
STEVEN A. PINTO JEAN M. PELLETIER
ARTHUR C. SARGENT III JERRY L. RYAN
MATTHEW A. VENO
PAUL C. PREVEY
JOSEPH A. O'KEEFE, SR.
March 9, 2009
Mr. Steven J. Chilton, Sr. Vice President RECEIVE®
MASSDevelopment MAR 1 6 2009
160 Federal Street
Boston, MA 02110 DEPT.OF PLANtdiNG 8
CC9fiRWITY DEVELO?WENT
Dear Mc Chilton:
At a Regular Meeting of the Salem City Council, held in the Council Chamber on
Thursday, February 26, 2009, the enclosed Order for Jacqueline's Wholesale Bakery, Inc.
located at 96 Swampscott Road, Salem, MA was adopted.
This action was approved by Mayor Kimberley Driscoll on March 2, 2009.
If you should have any further questions please call me at 9780-745-9595 ext.
5610.
Very truly yours,
CHERZL A LAPOINTE
CITY CLERK
Enclosures
k
\E
SALEM CITY HALL • 93 WASHINGTON STREET • SALEM, MA 01970-3592 • WWW.SALEM.COM
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CITY OF SALEM
In Cit Council
,February,February 26, 2009
Ordered:
WHEREAS, the Massachusetts Development Finance Agency (the "Agency")has
received an inquiry from Jacqueline's Wholesale Bakery, Inc., (the"Borrower", which term
includes any parent, subsidiary or related affiliate entity) for a potential project to be financed by
the Agency, to consist of the financing of the acquisition of certain equipment to be installed
within industrial development facilities, to be used in the Borrower's wholesale bakery business,
consisting generally of any or all o£• (i) the acquisition of manufacturing equipment to be
installed at 96 Swampscott Road, Salem, Massachusetts and(ii) the payment of costs of issuance
of the Bonds (the"Project"); and
WHEREAS, the Sponsor has made application to the Agency for the financing of the
Project through the issuance of its Industrial Revenue Bonds (the "Bonds"); and
WHEREAS, the Agency has notified the City in writing of such inquiry by the Borrower,
in compliance with Section 8(a) of Chapter 23G of the Massachusetts General Laws, as
amended; and
NOW, THEREFORE, BE IT ORDERED that the City Council acting in the name and
behalf of the City of Salem, Massachusetts, hereby requires the Agency assume the role of an
industrial development financing authority in financing the Project by issuance of the Bonds
pursuant to Massachusetts General Laws Chapter 23G and Chapter 40D to finance the Project.
In City Council February 26, 2009
Adopted by roll call vote of 10 yeas, 0 nays, 0 absent
Approved by the Mayor on March 2, 2009
ATTEST: CHERYeALAPOIN
CITY
City of Salem ."
d
_`Yea and Nay Vote of City Council `,
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Meeting Date: January 8, 2009
JACQUELINE'S WHOLESALE BAKERY, INC.
REOUEST: To assist the applicant in financing an industrial project, approval
of the proposed project for a MassDevelopment Tax-Exempt
Industrial Development Bond issue is requested.
This project will need an allocation of state volume cap from the
Executive Office for Administration & Finance.
The amount of volume cap to be allocated to the project and the
amount of bonds to be issued on a tax-exempt basis will be
determined based on availability and a final review of the project.
BORROWER: Borrower: User (s):
Jacqueline's Wholesale Bakery, Inc. Same
and/or any affiliated or related entity
96 Swampscott Road
Salem, MA 01970
PROJECT 96 Swampscott Road
LOCATION: Salem, MA 01970
PROJECT: Proposed is the purchase of new line of equipment used in
manufacturing cookie and scone dough, three silos for dispensing
of bulk quantities of sugar, a Sigma Arm Mixer and a wire cut
machine to form cookies and scones.
GUIDELINE None.
ISSUES:
SOURCES & USES: Sources:
Total $1,620,000
Uses:
Total $1,620,000
BOND AMOUNT: $1,520,000
EMPLOYMENT: Current employment at project site: 64
Total employment in state: 64
Projected new employment at project site: 10
Yanassdevelopmemcom\mdfa\BosCommon\Public Record\2009Uacqueline's Wholesale Bakery(OA).doe
COMPANY: Jacqueline's Wholesale Bakery, Inc. (d/b/a Jacqueline's Gourmet
Cookies) ("Jacqueline's") started as a retail/wholesale bakery
company in June of 1993 in Everett, Mass. Jacqueline's produced
gourmet cakes, tortes, tiramisu and scones for restaurants in the
Boston area. Jacqueline's then decided to expand its business by
marketing a scone line for in-store supermarket chains throughout
New England. In the summer of 1996, Jacqueline's moved to
Malden, and has been operating in its current facility in Salem for
over 10 years. Its two primary businesses are manufacturing
different lines of frozen pre-portioned cookies and scone dough.
Jacqueline's primarily services in-store supermarkets from New
England to Pennsylvania, but also has other customers including
casinos, colleges, coffee chains, specialty wholesale bakers and
convenience stores.
MassDevelopment financed a project for the company in 2006 for
the acquisition and renovation of the 22,250 sq. ft. space in a
vacant commercial condominium building in Salem, plus the
purchase of new baking equipment, freezers and conveyors to
expand its manufacturing capacity.
PUBLIC PURPOSE As a result of this financing, 10 to 15 new jobs will be created in
BENEFIT: Salem, an economic target area(ETA).
PRINCIPALS: Marc Hazel
Jacqueline Hazel
BOARD ACTION: Approve the resolution authorizing Official Action for a
MassDevelopment Tax-Exempt Industrial Development Bond.
\\massdevelopment.cum\mdfa\BosCommon\Public Recor&2009Vacque ine's Wholesale Bakery(OA).doc 2
MASSDEV ELOPM E NT
January 23, 2009
City Council
City of Salem
93 Washington St.
Salem, MA 01970
Dear Members of the Council:
On January 8, 2009 the Massachusetts Development Finance Agency gave preliminary approval
to issue a revenue bond on behalf of Jacqueline's Wholesale Bakery, Inc. The proposed project
would be located in Salem, Massachusetts at the address listed on the attached summary included
for your information. The bond would be issued pursuant to Chapter 23G and 40D of the
General Laws.
The Agency's policy is to advise the appropriate local and regional planning agencies to
ascertain the relationship of a proposed project to any existing state, local or regional
comprehensive plan.
The purpose of this letter is to notify you of the project and to request that you advise in the
event that the proposed project conflicts with an existing local or regional comprehensive plan. If
you would like further information on the project, or if you would like the Agency to consider
any comments you may have, please give me a call.
Sincere
Steven J. Chilton
Senior Vice President
Enclosure: Summary
cc: Bowditch & Dewey, LLP
One International Place
Boston. MA 02110
Attn: Jane V. Hawkes. Esq
SJC/nb
y
Ca
CITY OF SALEM, MASSACHUSETTS
Kimberley Driscoll
Mayor
February 21, 2006
To the City Council
City Hall
Salem, Massachusetts
Ladies and Gentlemen of the Council:
Enclosed herewith is an Order referring a project in the City of Salem to the
Massachusetts Development Finance Agency (the"Agency").
This action is requested by the Agency and Bowditch & Dewey, LLP, Bond Counsel for
the Agency, in order to allow the Agency to issue its Revenue Bonds for a project
generally described as the financing and refinancing of: (I) the acquisition of certain real
property and an existing commercial facility located at 96 Swampscott Road, Salem,
Massachusetts to be owned by Jacqueline's Wholesale Bakery, Inc.; (II) the acquisition
of equipment for the manufacturing facility; and (III) the renovation of a 22,250 sq. ft.
space in a vacant condominium commercial building.
Under Massachusetts General Law Ch. 23G Section 8(a), the adoption of this Order is
necessary for the Agency to assume the role of an authority in financing the Project.
I recommend adoption of the enclosed Order.
Very truly yours,
45L " "' �
Kimberley Driscoll
Mayor
Salem City Hall — 93 Washington Street— Salem, MA 01970.3592 Ph. 978.745-9595 Fax 978-744-9327
&WsDEmopmENT
Certified
160 Federal Street
Boston.Mossach°setts February 13, 2006
02110
City Council
Tel:617-330-2000 City of Salem
800-445-8030 93 Washington St.
Salem, MA 01970
Fax:617-330-2001
6n-451-3429 Dear Members of the Council:
On February 9, 2006 the Massachusetts Development Finance Agency gave preliminary
approval to issue a revenue bond on behalf of Jacqueline's Wholesale Bakery, Inc. The
proposed project would be located in Salem, Massachusetts at the address(es) listed on
the attached summary included for your information. The bond would be issued pursuant
to Chapter 23G and 40D of the General Laws.
Section 12(2) of Chapter 40D requires that the MassDevelopment (successor to the
MIFA)board"shall consult with the appropriate local and regional planning agencies to
ascertain the relationship of a proposed project to any existing state, local or regional
comprehensive plan."
MITT RonnEr The purpose of this letter is to notify you of the project and to request that if the proposed
Governor project conflicts with an existing local or regional comprehensive plan, you so advise us.
KERRY HeiIEY If you would like further information on the project, or if you would like the Board to
Lo,n,,n°m cover"°r consider any comments you may have prior to our considering Final Approval on the
application, please give me a call.
Much C.3iH6ntl
Ch°irm°n
Sincerely,
ROBERT L.CULVER
PresidentlCEO
Steven J. Chilton
Senior Vice President
Enclosure: Summary
cc: Gilmartin, Magence, Camiel & Ross LLP Lynn Duncan
376 Boylston Street Redevelopment Authority
Boston, MA 02116 120 Washington St. `
Attn: Steve Ross, Esq. Salem, MA, 01970
SJC/kh
aQmv Fled o"Oaper In°POmdn nlmmrnmau
C�
CITY OF SALEM
Jim
In City Council, February 21, 2006
Ordered: AN ORDER REFERRING A PROJECT IN THE CITY OF SALEM TO THE
MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
WHEREAS, the Massachusetts Development Finance Agency (the "Agency") has
received an inquiry from Jacqueline's Wholesale Bakery, Inc., (the "Sponsor", which
team includes any parent, subsidiary or related affiliate entity) as a potential Sponsor of a
project to be financed by the Agency, to consist of certain industrial development
facilities to be located in the City of Salem, Massachusetts, and being generally described
as the financing and refinancing of. (I) the acquisition of certain real property and an
existing commercial facility located at 96 Swampscott Road, Salem, Massachusetts to be
owned by Jacqueline's Wholesale Bakery, Inc.; (II) the acquisition of equipment for the
manufacturing facility; and (III) the renovation of a 22,250 sq. ft. space in a vacant
condominium commercial building;all as more fully described in the Sponsor's
application for tax-exempt financing;
WHEREAS, the Sponsor has made application to the Agency for the financing of
the Project through the issuance of its Revenue Bonds (the "Bonds")
WHEREAS, the Agency has notified the City in writing of such inquiry by the
Sponsor, in compliance with Section 8(a) of Chapter 23G of the Massachusetts General
laws, as amended, and;
NOW, THEREFORE, BE IT ORDERED that the City Council acting in the name
and behalf of the City of Salem, Massachusetts, hereby requires the Agency assume the
role of an industrial development financing authority in financing the Project by issuance
of the Bonds pursuant to Massachusetts General Laws Chapter 23G and Chapter 40D to
finance the Project
In City Council Februry 23, 2006
Adopted by roll call vote of 10 yeas, 0 nays, 1 absent
A motion for immediate reconsideration in the hopes it would not prevail was
denied.
Approved by the Mayor on February 28, 2006
ATTEST: CHERYL A. LAPOINTE
CITY CLERK
Meeting Date: 02/09/2006
JACQUELINE'S WHOLESALE BAKERY, INC.
NATURE OF To assist the applicant in financing an industrial project, approval of
REQUEST: the proposed project for a MassDevelopment Tax-Exempt
Industrial Development Bond issue is requested.
This project will need an allocation of state volume cap from the
Executive Office for Administration & Finance.
Borrower: User (s):
Jacqueline's Wholesale Bakery, Inc. Same.
342 Pearl Street
Malden, MA 02148
PROJECT 96 Swampscott Road
LOCATION: Salem, MA 01970
PROJECT: Proposed is the acquisition and renovation of a 22,250 sq. ft. space
in a vacant condominium commercial building in Salem. Proceeds
will also be used to purchase new baking equipment, freezers, and
conveyors. This move will allow the company to expand
manufacturing capacity to meet a growing market demand for its
products.
GUIDELINE The borrower will be moving from its Malden facility and
ISSUES: relocating all existing employees to a new facility in a non-adjacent
community.
The borrower was unable to expand in Malden after conducting an
extensive search for sites that meet their price and capacity needs.
This guideline issue is mitigated by the following factors:
• 5 new jobs are expected to be created and all 20 existing
employees will transfer to the new facility which is easily
accessible off Route 107.
• Salem is a designated economic target area(ETA).
• Over 50%of Jacqueline Cookie's employees are minority.
• Jacqueline's Cookies has annual sales of under$10 million.
PROJECT COST: Sources of Funds:
2006 MDFA Bond Issue $3,132,000
Equity 348,000
TOTAL SOURCES: $3,480,000
GAPublic RewrdQ006Vacqueline's Wholesale Bakery(OA).doc 1
Use of Funds:
Renovations (22,500 sq. ft.) $1,275,000
Building Acquisition(22,250 sq. ft.) 1,350,000
Construction of 2nd Floor(2,700 sq. ft.) 125,000
Equipment 350,000
Fees Related to Project 300,000
Fees and Expenses 80,000
TOTAL USES: $3,480,000
BOND AMOUNT: $3,132,000
EMPLOYMENT: Existing Jobs: 20
New Jobs: 5
COMPANY: Owned and operated by Marc & Jacqueline Hazel, Jacqueline's
Wholesale Bakery, Inc. (d.b.a. Jacqueline's Gourmet Cookies)
(Jacqueline's) started as a retail/wholesale bakery company in June
of 1993 in Everett, Mass. Jacqueline's produced gourmet cakes,
tortes, tiramisu and scones for restaurants in the Boston area.
Jacqueline's then decided to expand their business by marketing a
scone line for in-store supermarket chains throughout New
England. In the summer of 1996, Jacqueline's moved to Malden
and has been operating in their current facility for over 8 years. Its
two primary businesses are manufacturing different lines of frozen
pre-portioned cookies and scone dough. Jacqueline's primarily
services in-store supermarkets from New England to Pennsylvania,
but also has other customers including casinos, colleges, coffee
chains, specialty wholesale bakers, and convenient stores.
PUBLIC The Commonwealth's economic plan highlights manufacturing,
PURPOSE economic growth and job creation throughout the state. As a result
BENEFIT: of this financing, 5 new jobs will be created in Salem, an economic
target area(ETA).
PRINCIPALS: Marc Hazel, President
Jacqueline Hazel
BOARD Make the statutory findings and approve the resolution authorizing
ACTION: Official Action for a MassDevelopment Tax-Exempt Industrial
Development Bond.
GAPublic RecordQOMacqueline's Wholesale Bakery(OA).doc 2
i
CITY OF SALEM, MASSACHUSETTS
Kimberley Driscoll
Mayor
February 20, 2009
To the City Council
City Hall
Salem, Massachusetts
Ladies and Gentlemen of the Council:
Enclosed herewith is an Order referring a project in the City of Salem to the Massachusetts
Development Finance Agency(the "Agency").
This action is requested by the Agency in order to allow the Agency to issue its Industrial
Revenue Bonds for a project generally described as financing the acquisition of certain
equipment to be installed within industrial development facilities, to be used in Jacqueline's
Wholesale Bakery, Inc.'s wholesale bakery business, consisting generally of any or all of: (i) the
acquisition of manufacturing equipment to be installed at 96 Swampscott Road, Salem,
Massachusetts and (ii) the payment of costs of issuance of the Bonds (the "Project").
Under Massachusetts General Law Ch. 23G Section 8(a), the adoption of this Order is necessary
for the Agency to assume the role of an authority in financing the Project.
I recommend adoption of the enclosed Order.
Very truly yours,
Kimberley Driscoll
Mayor
-s.
Salem City Hall—93 Washington Street—Salem, MA 01970-3592 Ph.978-745-9595 Fax 978-744-9327
AN ORDER REFERRING A PROJECT IN THE CITY OF SALEM TO THE
MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
WHEREAS, the Massachusetts Development Finance Agency(the "Agency") has
received an inquiry from Jacqueline's Wholesale Bakery, Inc., (the `Borrower", which
term includes any parent, subsidiary or related,affiliate entity) for a potential project to be
financed by the Agency, to consist of the financing of the acquisition of certain
equipment to be installed within industrial development facilities, to be used in the
Borrower's wholesale bakery business, consisting generally of any or all of- (i)the
acquisition of manufacturing equipment to be installed at 96 Swampscott Road, Salem,
Massachusetts and (ii)the payment of costs of issuance of the Bonds (the "Project"); and
ry
WHEREAS, the Sponsor has made application to the Agency for the financing of
the Project through the issuance of its Industrial Revenue Bonds (the "Bonds"); and
WHEREAS, the Agency has notified the City in writing of such inquiry by the
Borrower, in compliance with Section 8(a) of Chapter 23G of the Massachusetts General
Laws, as amended; and
NOW, THEREFORE, BE IT ORDERED that the City Council acting in the name
and behalf of the City of Salem, Massachusetts, hereby requires the Agency assume the
role of an industrial developmentfinancing authority in financing the Project by issuance
of the Bonds pursuant to Massachusetts General Laws Chapter 23G and Chapter 40D to
finance the Project.
A MmsDEVELO'MENT
January 23, 2009
g2ro
City Council
City of Salem
re;n-�:o-2000 93 Washington St.
s00-i95-3030 Salem, MA 01970
;,:en-330-2001 Dear Members of the Council:
617-45I-''429
On January 8, 2009 the Massachusetts Development Finance Agency gave preliminary approval
to issue a revenue bond on behalf of Jacqueline's Wholesale Bakery, Inc. The proposed project
would be located in Salem, Massachusetts at the address listed on the attached summary included
for your information. The bond would be issued pursuant to Chapter 23G and 40D of the
General Laws.
The Agency's policy is to advise the appropriate local and regional planning agencies to
ascertain the relationship of a proposed project to any existing state, local or regional
comprehensive plan.
The purpose of this letter is to notify you of the project and to request that you advise in the
event that the proposed project conflicts with an existing local or regional comprehensive plan. If
you would like further information on the project, or if you would like the Agency to consider
any comments you may have, please give me a call.
SinceerrT,�
Steven J. Chilton
Senior Vice President
Enclosure: Summary
cc: Bowditch & Dewey, LLP
One International Place
Boston, MA 02110
Attn: Jane V. Hawkes, Esq
SJC/nb
®nr >,,,ma-.�ynr r,uria.au ausum::em
Meeting Date: January 8, 2009
JACQUELINE'S WHOLESALE BAKERY, INC.
REOUEST: To assist the applicant in financing an industrial project, approval
of the proposed project for a MassDevelopment Tax-Exempt
Industrial Development Bond issue is requested.
This project will need an allocation of state volume cap from the
Executive Office for Administration & Finance.
The amount of volume cap to be allocated to the project and the
amount of bonds to be issued on a tax-exempt basis will be
determined based on availability and a final review of the project.
BORROWER: Borrower: User (s):
Jacqueline's Wholesale Bakery, Inc. Same
and/or any affiliated or related entity
96 Swampscott Road
Salem, MA 01970
PROJECT 96 Swampscott Road
LOCATION: Salem, MA 01970
PROJECT: Proposed is the purchase of new line of equipment used in
manufacturing cookie and scone dough, three silos for dispensing
of bulk quantities of sugar, a Sigma Arm Mixer and a wire cut
machine to form cookies and scones.
GUIDELINE None.
ISSUES:
SOURCES & USES: Sources:
Total $1,620,000
Uses:
Total $1,620,000
BOND AMOUNT: $1,520,000
EMPLOYMENT: Current employment at project site: 64
Total employment in state: 64
Projected new employment at project site: 10
\\tnmsdevelopmentcom\mdfa\BosCommon\Public Record\2009Vacqueline's Wholesale Bakery(OA).doc
COMPANY: Jacqueline's Wholesale Bakery, Inc. (d/b/a Jacqueline's Gourmet
Cookies) ("Jacqueline's") started as a retail/wholesale bakery
company in June of 1993 in Everett, Mass. Jacqueline's produced
gourmet cakes, tortes, tiramisu and scones for restaurants in the
Boston area. Jacqueline's then decided to expand its business by
marketing a scone line for in-store supermarket chains throughout
New England. In the summer of 1996, Jacqueline's moved to
Malden, and has been operating in its current facility in Salem for
over 10 years. Its two primary businesses are manufacturing
different lines of frozen pre-portioned cookies and scone dough.
Jacqueline's primarily services in-store supermarkets from New
England to Pennsylvania, but also has other customers including
casinos, colleges, coffee chains, specialty wholesale bakers and
convenience stores.
MassDevelopment financed a project for the company in 2006 for
the acquisition and renovation of the 22,250 sq. ft. space in a
vacant commercial condominium building in Salem, plus the
purchase of new baking equipment, freezers and conveyors to
expand its manufacturing capacity.
PUBLIC PURPOSE As a result of this financing, 10 to15 new jobs will be created in
BENEFIT: Salem, an economic target area(ETA).
PRINCIPALS: Marc Hazel
Jacqueline Hazel
BOARD ACTION: Approve the resolution authorizing Official Action for a
MassDevelopment Tax-Exempt Industrial Development Bond.
c
\\massdevelopment.com\indfa\BosCommon\Public Record\2009Vacqueline's Wholesale Bakery(OA).doc 2
MAssDEVELOPMENT FID
FE P
Dip!. U a-
CQ9: rPT
January 9, 2009 cdo,:'U?dfn t;c NN*A/G w
Ms. Cheryl A. LaPointe
Northern Massachusetts
City Clerk
Regional Office City of Salem FEB 12 ZGU;9 -
29 South Canal Street,Suite 107 .Salem City Hall
w,en°e,M...a,hnsetts 93 Washington Street 000.J aTr ,PLAN[41,1^gsJ=
01813 Salem, MA 01970-3592
Tel 978-459-6100
Fax:978-459-1888 Re: Proposed Bond Issue for the benefit of Jacqueline's Wholesale Bakery. Inc.
Main Office; Dear Ms. LaPointe: '
160 Fedeal Street
Boston,Massachusetts
02110 As a follow-up to my telephone conversation with Tom Daniel, I am writing to formally notify
you of an upcoming project for Jacqueline's Wholesale Bakery, Inc. in the City of Salem. The
TeB 617-330-2000 borrower is proposing the acquisition of new manufacturing equipment to be installed in their
e617 3302001 facility at 96 Swampscott Road in Salem. This equipment will allow the company to add
Fax:617-330-2001 ..... . �.
M masa el°Pmenit°m production capacity to meet increased demand for its bakery products;:and 10 to 15 new jobs
are anticipated to result in the City of Salem, an Economic Target Area(ETA).
The company has approached the Massachusetts Development Finance Agency -
("MassDevelopment")for the purpose of issuing an Industrial Development Bond in an amount
not to exceed$1,520,000 to finance the project. We therefore request that the Salem Industrial
Development Financing Authority ("IDFA") consider the proposed resolution to waive to
MassDevelopment. A draft of the Extract of Minutes containing the proposed resolution is
enclosed for your review and consideration by the IDFA at its next meeting.
otu,>L NTaicx If there are changes that should be made to this draft, please let me know. Otherwise, please
complete the Extract by filling in the time of the meeting, the names of those present and the
actual vote on the second page;have it certified and returned to me at MassDevelopment.
TIMOTHY P MURRM ,
vtP0p0t G°Vet°°' We appreciate the IDFA's willingness to consider waiving the issuance of the Bond to
MassDevelopment on this project. If you have any questions or concerns, please call me at
RMC.C.RIMBPLL
(978)459-6100 x104. Thank you for your support.
RmE,T L.U,ER Very truly yours, . .
Presldent10E0
Deborah Rosser
vice'P'reSident;'Investment Banking" _ r'- t "
EnelosureS
Cc:,Toin Daniel; AICP,Economic Development Manager, CityofSalem
®�rnv Pnmetl on p°per mono(mredin M°sw@useus
NOW, THEREFORE, BE IT RESOLVED:
That the Authority hereby requests that the Agency assume the role of the Authority in financing the
Project by issuance of the Bonds pursuant to Massachusetts General Laws Chapter 23G and Chapter 40D
to finance the Project and that the Board cause a copy of this resolution to be delivered to the Agency.
The foregoing resolution,having been put to a roll call vote, the result was as follows:
For the Resolution:
Against the Resolution:
I, the undersigned official of the Salem Industrial Development Financing Authority, do hereby
certify that the foregoing is a true and correct copy of the resolutions adopted by the Board of Directors of
this Authority at a meeting held on January , 2009 relating to the referral of the financing of a
manufacturing project for Jacqueline's Wholesale Bakery, Inc.. or an affiliate thereof to
MassDevelopment. Said resolution has not been rescinded, repealed or amended and as of this date is in
full force and effect.
I further certify that said meeting was open to the public; that notice stating the place, date and
time of said meeting was filed with the City Clerk and a copy thereof was publicly posted in the City
Clerk's office or on the principal official bulletin board of the City at least forty-eight hours, including
Saturdays but not Sundays and legal holidays, prior to the time of said meeting and remained so posted at
the time of said meeting; that no deliberations or decision in connection with said resolution were taken in
executive session; and that the official record of said meeting was made available to the public promptly
and will remain available to the public, all in accordance with Chapter 39, Section 23B, of the General
Laws, as amended.
Approved By:
Secretary
Dated: January 2009
City of Salem, Massachusetts
Industrial Development Financing Authority
Extract of Minutes
A meeting of the Salem Industrial Development Financing Authority (the "Authority") was held
on January , 2009 at a.m./p.m., at Salem City Hall, Salem, Massachusetts, pursuant to
notice duly given to each member of the IDFA in accordance with its bylaws.
The following members were present and voting throughout:
Member, reported that the Authority has been asked to consider and act
upon the proposed development of certain property comprising industrial development facilities by
Jacqueline's Wholesale Bakery, Inc. or an affiliate thereof (the `Borrower") in the City of Salem (the
"City") and to request that the Massachusetts Development Finance Agency ("the Agency") assume the
role of the Authority in financing this project in the City.
After further discussion, the adoption of the following resolutions was moved and seconded:
WHEREAS: The Borrower has proposed a project consisting of the financing of the acquisition of
certain equipment to be installed within industrial development facilities, to be used in
the Borrower's wholesale bakery business, consisting generally of any or all of: (i) the
acquisition of manufacturing equipment to be installed at 96 Swampscott Road, Salem,
Massachusetts and(ii)the payment of costs of issuance of the Bonds (the"Project"); and
WHEREAS: The Borrower made application to the Agency for the financing of the Project through the
issuance of Industrial Revenue Bonds (the "Bonds"); and
WHEREAS: The.Authority for itself and on behalf of the Authority wisbec to request that the Agency
assume the role of the Authority in issuing the Bonds.