Bueno Foods is planning a plant expansion on its current manufacturing campus located in the South Barelas Industrial Park in Albuquerque, New Mexico’s South Valley, an economically depressed area of the City.
The purpose of the expansion is to build a 25,000 sq. ft. freezer facility to support the existing operation, to enhance production efficiencies, reduce storage costs and eliminate the need of storing product in neighboring states. In addition, the Company has planned to upgrade equipment for tortilla production. The estimated budget is $10,000,000.
Bueno Foods currently employs about 283 employees. This project will increase employment over six years by at least 49 jobs. As sales increase, employment will increase. Jobs will include entry level production and support jobs, as well as sales, administrative, and management positions. Payroll will increase over the next six years and into the future. + Fruit and vegetable manufacturing. NAISC 1: All Other Miscellaneous Food Manufacturing. STRUCTURE: A / B Leverage. CBA: Yes. 1) The Exit Fee shall be reduced by an amount equal to 30% if throughout the NMTC Compliance Period, Bueno Foods creates 49 new jobs at the Bueno Foods facility, during the 7 years. (30% reduction) 2) The Exit Fee shall be reduced by an amount equal to 10% if through the end of the NMTC Compliance Period, Bueno Foods donates a minimum of $75,000 of food value annually to Road Runner Food Bank, St. Felix Pantry or any other food bank in New Mexico, during the 7 years. (10% reduction) 3) The Exit Fee shall be reduced by an amount equal to 10% if through the end of the NMTC Compliance Period, Bueno Foods has a reduction of 3,000 roundtrip diesel truck loads over a 6-year period which will result in reduction in their carbon footprint. (10% reduction) COMMENTS: For over seventy years Bueno Foods’ sales have grown steadily, and now over 60% of our sales come from outside of New Mexico. Their proposed expansion will enable them to continue to increase sales and expand outside of New Mexico, bringing more money back into the New Mexico economy to invest in people and community. Consumer demand, products that meet trending customer preferences, competitive strengths, marketing strategy and tools, manufacturing capabilities, a strong management team, and a solid financial plan enable the Company to grow and thrive in the years to come. Bueno Foods is poised for further growth and success and this project will enable us to reach the next level in our business. That growth will ultimately enable us to continue to be a driving force of good in their community. This project will enable us to increase the number of jobs by at least 49 including over half of them entry level, non-college degree positions. Bueno Foods will continue mentoring and aggressive internal promotion programs that have been the philosophy of the Company since its origin, giving a starting point of merit-based advancement to these individuals. The Company is committed to a corporate culture where we place emphasis on promoting diversity, hiring the disadvantaged and disenfranchised, providing educational and advancement opportunities for them and then guiding them toward success. Bueno’s organizational structure is proof of its commitment to promoting women and minorities in the workplace. Leadership positions include many females and minorities. Offering training from within the ranks to move employees from entry level positions to higher skilled jobs/higher paying jobs has been our history and our commitment to the future.