Just Bagels Manufacturing, Inc. (“Just Bagels”) was established in 1996 for the purpose of manufacturing fresh and frozen bagels and related products for sale to restaurants, super- markets, gourmet food stores, hotels and other institutions and food distributors. Just Bagels clients include the New York City public school system, La Prima Bakery, Big Y Supermarkets and American Airlines. Originally located in a 2,000 sq.ft. building in The Bronx, Just Bagels began with approximately 10 employees and sold its products primarily in the five boroughs of New York City. The company’s 2001 market plan called for continued growth in sales through increased penetration into national and foreign markets with its frozen par-baked bagels; greater focus on sales of fresh bagels to large-volume customers, such as bakeries, institutions and food service companies; and continued presence in the local market. Just Bagels wanted to expand its manufacturing facilities through the purchase and renovation of a 17,500 sq.ft. warehouse building and equivalent parcel of land in The Bronx and the purchase of various equipment, including a fully automated boiling system and tunnel oven capable of producing 1,420 dozen bagels per hour. The project would triple the company’s production capacity. Just Bagels had identified four alternative locations in Newark and Jersey City, New Jersey where the company could expand, but preferred to remain in New York City. “While each of the [alternative] sites is of interest, the fact remains that the company would prefer to remain in New York,” said Chairman and CEO Charles E. Contreras. “We buy all of our supplies—including flour, sugar, seeds, onions, cornmeal, bags and boxes—from local suppliers; should we move out of the city, these items would be purchased from suppliers located near the new facility.” Contreras added, “Each of our employees are Bronx residents, many of whom live in areas which have been deemed Empire Zones by either the Federal or State governments. These people would all keep their jobs if we remain in the City.” Just Bagels was granted approval to issue triple tax-exempt industrial development bonds, and received real estate tax benefits, sales tax exemptions and a mortgage recording tax waiver. Just Bagels committed to add 15 jobs to its workforce of 45.