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ELM CITY MARKET COMMUNITY-OWNED FOOD CO-OP 360 STATE STREET | NEW HAVEN, CT

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

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ELM CITY MARKET COMMUNITY-OWNED FOOD CO-OP 360 STATE STREET | NEW HAVEN, CT

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  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. YALE New Haven Green CBD Site State Street Transit Hub

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. ELM CITY MARKET New Haven, Connecticut Development Budget|$7,400,000 Elm City Market Photo, Opening Night BECKER + BECKER INTEGRATED ARCHITECTURE . PLANNING . PRESERVATION . DEVELOPMENT

  10. ELM CITY MARKET New Haven, Connecticut Other $364,000 FUNDING SOURCES Preferred Member Shares (pay 6.25% dividend) $1,300,000 17% Bank Loan $4,000,000 (15 years term 5% interest) USDA insured 53% MEPT Funds Tenant Improvement Allowance $1,852,000 25% TOTAL: $7,516,000 BECKER + BECKER INTEGRATED ARCHITECTURE . PLANNING . PRESERVATION . DEVELOPMENT

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

  12. Elm City Market • New Haven, Connecticut • www.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, AICP • Becker + Becker, Fairfield, CT • www.beckerandbecker.com • bruce@beckerandbecker.com • 203 292 4990 • -

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