Ryan, a leading global tax services and software provider, helped Astoria Co-op secure low-interest loans through New Markets Tax Credits, resulting in forecasted sales growth from $3.6 million to more than $7 million. The incentives are expected to almost quadruple the grocer’s total square footage from 3,100 to 11,600 and more than triple its retail space from 2,100 to 6,800 square feet.
The incentive also benefits the less than 10,000 residents of Astoria, Oregon, where fresh or organic produce and protein selections are difficult to find. Many residents travel across the Columbia River to Warrenton to purchase these items from big-box grocers.
“Since 2009, we have experienced positive sales growth every year, have become a staple in this community through years of service, and added 30 living-wage jobs to our small town,” said General Manager of Astoria Co-op, Matthew Stanley. “Our facility at 14th and Duane was no longer feasible for our growth to serve our community. Without Ryan’s ability to connect us to low-cost capital with favorable terms, this project would have simply not been possible.”
“Our purpose is to liberate clients from the burden of being overtaxed, freeing their capital to invest, grow, and thrive,” said Principal and Practice Leader of Credits and Incentives, Sharon Welhouse. “Working with our client, Astoria Co-op, we were able to deliver the capital needed to give local residents access to healthier organic grocery options, while supporting growth and sustainability in the Astoria community.”
Astoria Co-op’s relocation to a much larger location in town will create additional jobs, impact the local economy, and create a positive impact on community health by availing more fresh fruits and vegetables to residents.
According to its Business Expansion Plan, Astoria Co-op will continue to work with the National Cooperative Grocers (NCG) to plan the physical facility, appropriate organizational changes, and merchandising strategies. Financing was provided to both the Astoria Co-op and its developer Astor Venture LLC by Local Initiatives Support Corporation (LISC).
Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. With global headquarters in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multijurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is an eight-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan’s multidisciplinary team of more than 2,700 professionals and associates serves over 15,000 clients in more than 50 countries, including many of the world’s most prominent Global 5000 companies. More information about Ryan can be found at ryan.com. “Ryan” and “Firm” refer to the global organizational network and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.