LOCAL FOOD News Roundup
Hunts Point Market Extends Lease with NYC
The Hunts Point Terminal Market, the world’s largest wholesale produce market, is not leaving New York City, at least not yet. It extended its lease with the city for an additional three years.
The three-year extension was signed just as the market’s lease was about to expire on May 31. As part of the lease negotiations, the market vendors agreed to stop talking to officials from New Jersey, who had been trying to persuade the vendors to relocate. The vendors will negotiate exclusively with the city for a term of nine months.
According to Crain’s New York Business, the biggest issue revolves around how the cost of renovating the market – projected at $320 million – will be divided among the vendors, the city and the state.
NYC Creates $10 Million Loan Fund for Food Entrepreneurs
The city wants to nurture its food entrepreneurs. It created a $10 million loan pool to help food manufacturing businesses grow. The city contributed $1 million to the pool with invest bank Goldman Sachs contributing the rest.
City officials are also looking to develop spaces for commercial kitchens and processing plants for small food-making companies.
For related New York Times article, click here.