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ELM CITY MARKET COMMUNITY-OWNED FOOD CO-OP 360 STATE STREET | NEW HAVEN, CT BRUCE REDMAN BECKER, AIA, AICP Becker + Becker Town Green Special Services District. YALE. New Haven Green. CBD. Site. State Street Transit Hub. Downtown Food Access Problem - PowerPoint PPT Presentation
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ELM CITY MARKETCOMMUNITY-OWNED FOOD CO-OP
360 STATE STREET | NEW HAVEN, CT
BRUCE REDMAN BECKER, AIA, AICPBecker + BeckerTown Green Special Services District
Site
YALE
New Haven Green CBD
State Street Transit Hub
Downtown Food Access Problem
Many New Haven Residents of all ages and income ranges lacked consistent access to fresh, affordable, healthy food• Tens of millions of dollars in grocery purchases made
outside of the city
• Underserved communities especially affected
• Associated health and environmental problems
Why a Food Co-op?
No national chain can reflect the character and the needs of the community better
• Local Control
• Local and Regional Sourcing whenever possible
• Local Jobs
• Local Ownership
What Defines a Food Co-op?
Independent grocery store owned by the community and operated for the benefit of the community
• Owners = Members
• Some co-ops are open to members only, but many are open to all
• Anyone is able to shop at Elm City Market with no membership or work requirement
Elm City Market’s Mission
Elm City Market aims to be a valued and thriving community owned business that improves the quality of life for its members, employees and community
To achieve this we:
• Provide a diverse selection of high-quality affordable, natural, organic & conventional products
• Strengthen local and regional food systems by sourcing from local and regional producers
• Offer a rewarding shopping experience and caring workplace for our stakeholders
• Reflect the diversity of our members and community
• Emphasize constant improvement to evolve alongside our community and membership
Membership
Rights, Benefits, Responsibilities• Elect board of directors and attend board
meetings
• Receive patronage dividends
• Participate in co-op steering committees
• Vote for changes in articles and bylaws
• Eligibility to run for board of directors
• Review reports on financial performance
USES
Hard Construction Costs
2,880,000
Equipment | FFE
1,138,000Start-Up Costs 666,000Soft Costs 607.000Inventory 506,250
Financing Cost
165,000Working Capital 650,000Overrun allowance 500,000
Total Development Cost
7,400,000
SOURCES
Member Equity 1,400,000
MEPT Pension Fund Equity
1,852,000Grants | Free Fill | Vendor Credits 263,000Bank Loan 4,000,000
Total Sources
7,516,000
Surplus +116,000
ELM CITY MARKETNew Haven, Connecticut
BECKER + BECKER INTEGRATED ARCHITECTURE . PLANNING . PRESERVATION . DEVELOPMENT
Development Budget| $7,400,000
Elm City Market Photo, Opening Night
Bank Loan$4,000,000
(15 years term 5% interest)USDA insured
53%
FUNDING SOURCES
TOTAL: $7,516,000
BECKER + BECKER INTEGRATED ARCHITECTURE . PLANNING . PRESERVATION . DEVELOPMENT
Bank Loan 4,000,000
MEPT Funds 1,852,000 Preferred Member Shares 1,300,000
Member Shares 101,500
Vendor Credit 126,563
Free Fill 75,938
UI ECB Grant 30,000
City Façade Grant 30,000
MEPT FundsTenant Improvement
Allowance$1,852,000
25%
Preferred Member Shares
(pay 6.25% dividend)$1,300,000
17%
Other$364,000
ELM CITY MARKETNew Haven, Connecticut
BECKER + BECKER INTEGRATED ARCHITECTURE . PLANNING . PRESERVATION . DEVELOPMENT
ELM CITY MARKETNew Haven, Connecticut
Elm City MarketNew Haven, Connecticutwww.elmcitymarket.coop
•Town Green SSD IDA Pinnacle Award!!•First large scale developer-sponsored food coop in United States•Highest first year sales of any food coop in the United States ($10m)•First urban grocery store financed with a USDA loan guaranty•Provides access to affordable healthy fresh food for city residents•Largest private sector job creation initiative in New Haven in 2011•Major economic development catalyst, fostering expansion of existing businesses, and leasing of vacant storefronts.
Bruce Redman Becker, AIA, AICPBecker + Becker, Fairfield, [email protected] 292 4990
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