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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.

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Presentation on theme: "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."— Presentation transcript:

1 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

2 Site YALE New Haven Green CBD State Street Transit Hub

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4 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

5 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

6 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

7 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

8 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

9 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

10 USES Hard Construction Costs 2,880, 000 Equipment | FFE 1,138,000 Start-Up Costs666,000 Soft Costs Inventory506,250 Financing Cost 165,00 0 Working Capital 650,00 0 Overrun allowance 500,00 0 Total Development Cost 7,400,000 SOURCES Member Equity 1,400,000 MEPT Pension Fund Equity 1,852, 000 Grants | Free Fill | Vendor Credits 263,00 0 Bank Loan 4,000,000 Total Sources 7,516, 000 Surplus +116, 000 ELM CITY MARKET New Haven, Connecticut BECKER + BECKER INTEGRATED ARCHITECTURE. PLANNING. PRESERVATION. DEVELOPMENT Development Budget| $7,400,000 Elm City Market Photo, Opening Night

11 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 Funds Tenant Improvement Allowance $1,852,000 25% Preferred Member Shares (pay 6.25% dividend) $1,300,000 17% Other $364,000 ELM CITY MARKET New Haven, Connecticut

12 BECKER + BECKER INTEGRATED ARCHITECTURE. PLANNING. PRESERVATION. DEVELOPMENT ELM CITY MARKET New Haven, Connecticut

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22 Elm City Market New Haven, Connecticut 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, AICP Becker + Becker, Fairfield, CT


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