Friendly City Food Co-Op just sent an email to its members announcing a location for the downtown grocery store and that primary financing has been secured. Read the entire message and see a photo of the future site below:
Greetings! We have some very big news to share with you.
First-Position Financing Secured! The Board of the Friendly City Food Cooperative is pleased to announce that the co-op has secured its first-position financing of $484,600. This loan is at a competitive interest rate and with favorable terms that will save the cooperative a great deal of money over the long term. This loan is contingent upon continued progress in meeting other goals, including membership growth and our member loan campaign.
Location Announced! The second piece of great news is that we are finally able to publicly announce our site location: 150 E. Wolfe Street – near the corner of Wolfe and Mason, in the former Mick-or-Mack grocery store, between the U.S. post office and Dollar General. This location has excellent parking, and a strong clientele synergy with surrounding businesses, churches and residences. (See photo of the location below.)
Co-Leaser Needed. Our lease negotiations have progressed sufficiently that we felt it was important to share this information with our owner members and the community at large. The lease terms are excellent from a business point of view. However, the lease will likely carry a significant contingency: while we intend to lease 6100 sf (square feet) of a 10,100 sf space, the landlord is insisting that the additional 4000 sf also be leased at the same time. This means we cannot go to closing without another tenant in that space. We encourage all members to get the word out that there is a very marketable 4000 sf storefront available right next to an amazing new co-op grocery store!
Party! We will soon be announcing a location party soon. Keep your ears and eyes open! New Members and Loan Support So, we are very excited! This email is going out to all owner-members as well as a to larger listserv of interested community members. If you have not joined, now is the time! We have passed the $200,000 mark for the member loan campaign. But we need your support. Please consider making a loan to the co-op, increasing your loan size, or putting us in touch with that person or family in the community who might make a $5,000 or $50,000 loan to the food co-op to help us reach our goal of $600,000. For information on how to join or how to participate in the loan program, please visit our website: www.FriendlyCityFoodCoop.com.
Thank you to everyone for your support over these years. We’re almost there!
Your Friendly City Food Co-op