Carmody advised its long time client New Opportunities in the development of CT Food4Thought, a project that is focused on increasing the availability of locally grown produce to communities while providing training and employment opportunities in an agricultural environment. The project also aims to increase the unrestricted revenue to support social service programming operated by New Opportunities. Carmody attorneys Tom Candrick, Ann Zucker and Kevin Palumberi advised New Opportunities on the incorporation, financing and construction of the project.
The project includes nearly 13,000 square feet and a 5,000 square foot warehouse facility for processing and packaging located in Torrington, Connecticut. CT Food4Thought’s weekly production will include an average of 9,000 4 oz. containers of produce such as lettuce, kale, and arugula.
The total project cost for CT Food4Thought is $3 million with financing that includes a $1 million loan from the Connecticut Department of Economic and Community Development. A construction loan was also financed through the Savings Bank of Danbury.