$5.6 Million Funding for Bonny Doon – Brief Article
The California Infrastructure and Economic Development Bank has issued $5.6 million in industrial Development Bonds to Bonny Doon Vineyards of Santa Cruz. Bond proceeds will be used to acquire property, purchase new production equipment, and facilitate various upgrades at the winery’s existing facility.
“Through this financing, we look to assist in maintaining the competitive vitality of a member of California’s wine industry and expand job opportunities in one of the state’s leading industries,” said Trade and Commerce Agency Secretary Lan Hatamiya. “The mission of the Infrastructure Bank is to promote the economic revitalization of California communities.”
Currently, the winery’s operations are divided between three leased plants, including a retail-sales and tasting room located in Santo Cruz County. The tasting room will remain in its current location. The financing is projected to increase the company’s production, reduce transportation costs, and allow for future growth. Bonny Doon anticipates the creation of up to 77 new, jobs statewide within two years of project completion.
Bonds issued by the Infrastructure Bank are payable from the revenues generated from the financed project and are not backed or guaranteed by the State of California.
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