Infinity Meat Solutions, LLC
Infinity Meat Solutions, LLC (“Infinity Meat” or “the Company”), is a single-purpose entity organized to invest in a fresh packaged meat production facility. The Company, Retail Business Services, LLC (“RBS”), will finance the construction of the building, while partnering with Cargill, Inc. (“Cargill”) to staff and operate the facility. RBS is a company that provides cost-effective, best-in-class-support services to the US local brands of its global parent company Ahold Delhaize (“AD”), the owner of Stop & Shop, among others. As a key partner to the US local brands, RBS identifies best practices to help the brand operate smarter, waste less, and purchase goods and services more efficiently and effectively. To produce quality meat product, RBS is partnering with Cargill, an international food conglomerate. Cargill provides a variety of food, agriculture, financial and industrial products and services to businesses across the world: these include food ingredients, bio-industrial products, animal nutrition (feed and premix products), proteins, salt, metals and shipping.
Ahold Delhaize is one of the world’s largest food retail groups and a leader in supermarkets and e-commerce. The AD brands and their affiliated companies employ approximately 204,000 associates in the U.S. in the Company’s more than 2,100 stores and distribution centers across 23 states – particularly on the East Coast of the United States. AD’s family of great local brands serves more than 50 million shoppers each week in the United States, Europe, and Indonesia. AD’s brands have also established meaningful, lasting commitments that strengthen local communities, source responsibly and help customers make healthier choices. In the United States AD’s brands operate a variety of store formats ranging from hypermarkets and online grocers to local supermarkets and convenience stores, offering thousands of food and non-food items.
The Sponsor has requested up to a maximum of $1.915 million in Rebuild Rhode Island Tax Credits, sales and use tax exemption estimated to be approximately $1.8 million
Job Creation Opportunity
Infinity Meat is proposing a $100 million, 200,000 SF processing operation to produce fresh packaged meat products at the build-ready parcel within the Quonset Business Park. Its expansion within Rhode Island will create at least 702 new full-time jobs for which it would receive tax credits. The new jobs are projected to be filled by a range of operations, distribution, quality, and management, with an anticipated median salary of $32,620 for jobs qualifying for Qualified Jobs Incentive Tax Credits. Infinity Meat expects to hire these new employees by 2022.
- The Commerce Corporation is recommending awarding Qualified Jobs Incentive Tax Credits to the Company.
- The recommended term of the tax incentive agreement is ten years, and Infinity Meat has indicated that it will commit to maintaining the new jobs in Rhode Island for at least the twelve years as required.
- The tax credits are predicated on Infinity Meat hiring 702 full-time employees by 2022. The tax credits would not be awarded until jobs are created and generating state income tax withholdings. To receive tax credits, the company must create and maintain 100 percent of its year 1-3 hiring commitment. During the remainder of the commitment period the company must maintain 80 percent provided that the company has created and maintained at least 702 new full-time jobs in a previous taxable year.
- The total credits are estimated to be worth $9.484 million over the 10-year period. The actual tax credit amount will be determined by the number and wages of the new jobs created.
- Based on a third-party analysis, over the twelve-year period, Rhode Island is projected to realize a net increase of $15.097 million in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $58.3 million in Rhode Island’s annual GDP once the new hires are in place.
Economic Impact Analysis
Providence Journal: Tax incentives will help four companies bring 2,000 jobs to R.I.