Part of MEDCO’s mission is to encourage the increase of business activity and commerce throughout the State,
thereby creating jobs, relieving unemployment and promoting the welfare of State residents. MEDCO does so
through its utilization of its bond issuance capabilities.
MEDCO was instrumental in helping us grow our manufacturing capabilities in Pocomoke City. With MEDCO’s assistance, we now have a long-term lease with an option to purchase our building, allowing us to further expand, hire more people, and continue to protect the military, police, and transportation infrastructure across the U.S. and internationally.
– George Tunis, Chief Executive Officer, Hardwire Property, LLC
MEDCO at Work
Project Name: Gold Crust Baking Company
Project Size/Type: $7.3 million non-recourse, tax-exempt revenue bond
Project Description: Financing, acquisition, and capital improvements
Project Benefit: Manufacturing and job growth
Gold Crust Baking Company
On September 30, 2010, MEDCO issued $7.3 million in non-recourse, tax-exempt revenue bonds to enable a Virginia family-owned, wholesale bakery to acquire and improve a 100,000 square foot building in Hyattsville. With the bond proceeds, the company also purchased equipment, fixtures, furnishings and machinery, allowing it to plan for expansion of its frozen product line.
Gold Crust Baking Company sought to relocate their business from Virginia to Maryland. Using MEDCO’s tax-exempt financing, Gold Crust Baking Company acquired approximately five acres of land in Hyattsville and refurbished a facility. In its new facility, Gold Crust Baking Company manufactures high-quality fresh breads and rolls for restaurants, hotels and catering companies in the mid-Atlantic region.
Gold Crust Baking Company’s relocation to Maryland in 2010 resulted in the creation of 50 jobs with more than 70 total jobs to date.
For more information, contact Amy Velich at (410) 625-0051.