Project Description

Olympia Foods

9501 Nevada Avenue, Franklin Park, IL 60131

Total Project Costs: $25,450,000
Total NMTC Allocation: $8,000,000 ($10,000,000 State NMTC allocation)
SCORE Allocation: $8,000,000
Closing Date: December 2014

Distress Criteria:

  • Unemployment rate 2x national average
  • TIF District
  • Brownfield redevelopment

Community Impacts:

  • Created 80 construction jobs
  • Created 120 new jobs, 80% of which are accessible to low-income individuals
  • 120 new quality jobs providing living wages and employee benefits

The Olympia Foods Project involved the renovation of a vacant 125,000-square-foot industrial facility previously used by a food manufacturer that halted operations in 2012 and laid off all 200 full-time employees. The new facility was brought up to Olympia Foods’s operating standards and outfitted for the production of pita and gyro products. SCORE NMTCs supported the addition of a 35,000-square-foot freezer and dry storage space and the necessary equipment upgrades. The facility was able to restore 120 quality jobs to the severely distressed community, which had experienced an unemployment rate two-times the national average.

Community Alignment

The Project was in direct alignment with the Village of Franklin Park’s O’Hare Industrial Corridor Plan. Established by community leaders and residents to drive planning and development, the plan showcased the area’s need to continue to provide high paying, low-income accessible jobs to the surrounding community while driving new business to the site in order to maintain the area’s tax contributions.