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, CTwww.beckerandbecker.combruce@beckerandbecker.com203 292 4990

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