TERRE HAUTE — No small hurdle faces the organizers of the Terre Foods Cooperative Market.
With just 20 days left until closing on property at Seventh and Poplar streets, another $208,000 is needed in member loans to prove commitment to potential financiers of the project.
Another goal is 300 members by the Oct. 18 closing.
With 184 members now signed on at a commitment of $200 each, the push is on to bring in another 116 people who want more access to organic and locally grown foods and products.
With those seemingly high goals, however, the optimism of the steering committee behind Terre Foods is equal parts determination and problem-solving.
“None of us are ready to quit,” Tammy Tintjer told the members and guests at the group’s second annual meeting Tuesday at the Vigo County Public Library.
Just across the street from the annual meeting, the proposed site for Terre Foods sat enticingly empty, and identified as the best possible location for the member-owned venture. Ironically, as one member pointed out, the vacant building now at the corner of Seventh and Poplar was constructed to serve McDonald’s fast food.
A completed market analysis shows a member-owned store can be sustained, steering committee member Jim Speer said.
And while the Seventh and Poplar site has been identified as the best location with the best parking, a backup site has been picked at Fourth and Walnut streets.
In fact, keeping the store’s location in the downtown area is a goal due to lower property prices, better available parking and the central location.
“Downtown is a food desert,” Speer said as far as grocery shopping goes. And there are many residents within walking distance.
The steering committee knows that grocery cooperatives have many hurdles to clear when securing financing. As is the case with Terre Foods, there is no personal guarantor for a bank loan, and very little built-in collateral assets.
But affirmation for the project has come from Blooming Foods in Bloomington, which has been a successful cooperative since the 1970s. The year-old Lost River cooperative in Paoli is struggling due to the economic downturn, but projections are that it will pull through despite its rocky start. That new cooperative has a smaller store and and just under $1 million as its startup cost.
Terre Foods has a $1.5 million startup budget, and a planned retail space size of about 5,000 square feet plus storage. In five years, the projected revenue for the store is at $5.25 million annually.
A variety of funding mechanisms have been considered, said steering committee Don Richards, who is an economics professor at Indiana State University. But since cooperatives cannot be not-for-profit in Indiana, the venture is excluded for many grant opportunities. Also, the Small Business Administration will not guarantee the loans of a cooperative.
“So, we find ourselves in some difficult cracks,” Richards said.
Looking ahead to closing on the property on Oct. 18 and securing adequate financing, the committee plans to finalize its building design and break ground in November. The store opening is targeted for spring 2010.
Anyone interested in learning more about Terre Foods, or joining the cooperative can log on to www.terrefoods.org for more information.
Lisa Trigg can be reached at (812) 231-4254 or lisa.trigg@tribstar.com.
Local & Bistate
Terre Foods pushing to sign up members
Group has Oct. 18 loan closing deadline
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