TERRE HAUTE — Organizers of an organic food cooperative continue plugging away as they work to acquire a building at Seventh and Poplar streets.
Robyn Morton, president of the Terre Foods Cooperative board of directors, said Monday the group has received a verbal commitment from the building’s owner to extend the purchase agreement’s deadline an additional three months from the original Oct. 18 date. Once acquired, the former McDonald’s building on the northeast corner of the intersection will serve as an organic food store.
Morton said the group continues to grow in membership but is still shy the numbers needed to finance the operation.
“Last I saw, we were over 260, probably 270,” she said, noting a 37-percent increase in membership over the last few months. “So those are going up nicely.”
The group had hoped to have more than 300 members by October. However, the member-owned cooperative has struggled with the ongoing conundrum faced by a store without a building needing members to buy the building to house the store.
“The problem is trying to get people to join something that doesn’t exist yet,” she said.
Still, the group is certain of its ability to get between 700 and 800 members once the doors open, she said, noting numerous communities that operate similar stores. The group had hoped to reach 300 before submitting a request for bridge financing, but Morton said they are working with consultants at the moment on the financing request and might increase that base number to 500.
To date, the group has raised $58,000 in “membership loans” with an eventual goal of $250,000.
The loans are an investment in the store which will be repaid in five- or 10-year terms at interest rates between zero and three percent, she said, explaining that federal regulations prohibit cooperatives from competing with certificate of deposit rates offered by banks.
In theory, if only half the members invested $2,000 in the group they would have the necessary money, but Morton said that sum is beyond the reach of many. However, the fact that, even without a store, the group has a “guaranteed shopper base” of 260 people demonstrates to Morton that the store will be financially sound.
Informal discussion about the store began in September 2007 with the first meetings hosted in January 2008, she said. Organizers in other communities told her to expect a three- to five-year development period and to date, Morton said the group is on track.
For more information about Terre Foods Cooperative, e-mail robyn@terrefoods.org or visit www.terrefoods.org.
Brian Boyce can be reached at 812-231-4253 or brian.boyce@tribstar.com.
Local & Bistate
Terre Foods working to acquire building
Cooperative wants to set up at Seventh and Poplar
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