Goodwill Industries expands services in Modesto

MODESTO
October 28, 2009 12:03am

The California Infrastructure and Economic Development Bank says it has approved $1.8 million in bonds for Goodwill Industries of San Joaquin Valley Inc. to pay off an existing taxable loan used to purchase a building in Modesto.

The building, purchased from Ethan Allen Retail, had been vacant since February when Ethan Allen closed its doors. It reopened as a Goodwill Thrift Store on Oct. 10.

The new store, the second Goodwill Industries store in Modesto, employs 18 workers. Earnings from the store will fund job-training programs. Last year, the agency helped about 4,700 people in the San Joaquin Valley.

The Infrastructure and Economic Development Bank, known as the “I-Bank,” is the state of California’s only general purpose financing authority and has broad powers to issue revenue bonds, make loans and provide credit enhancements for a wide variety of public infrastructure and economic development projects throughout California and for other governmental purposes

“The I-Bank is proud to partner with Goodwill Industries in this project,” says I-Bank Executive Director Stan Hazelroth. “The tax-exempt bonds will lower financing costs for the new store. Goodwill’s broad agenda, including free job-training, will serve Modesto well in this economy.”

Goodwill Industries directly employs more than 275 individuals and generates over $7.5 million in payroll and benefits for the San Joaquin Valley.