Site Update - Q&A
Q: What's the status of the site that will be announced on May 3rd?
A: The purchase agreement has been approved by the FRFC board pending favorable review by legal council and our mentor organization (Food Co-op Initiative). Once reviewed, the purchase agreement will be signed and we will announce the location at our Site Announcement Party on Friday, May 3rd!
Q: What did the updated Market Study say about the site?
A: The board is currently in the process of reviewing the recently received full Market Study on the proposed site, completed by G2G Research Group. Here are some highlights:
- "Based on the population size, demographic composition, and competitive environment of the Grand Rapids market area, combined with the experiences of other existing food co-ops that operate in similar market situations, it appears that there is sufficient sales potential to support a full-line hybrid food co-op."
- "It is recommended that Free Range Food Co-op have about 4,000 square feet of sales area (or approximately 6,000 square feet of total space)."
- "The proposed co-op will benefit from favorable regional accessibility via its location near (Attend the Site Announcement Party to find out where!) as well as its central location."
Q: We found a site!! What happens next?
A: So much work needs to happen in 2024 to keep us moving forward towards building the store:
- We are entering the updated market study data into our financial pro forma to ensure all financing considerations are accounted for.
- Based on funding needs identified in the pro forma, we will finalize the investment options which will be made available to owners during our Community Investment Campaign.
- Then, we launch our Community Investment Campaign to raise the critical owner investment funds needed to secure further commercial lending as needed.
- Finally, once our funding goal is met, we can use that money to build the actual storefront!
Q: That sounds like a lot of work... what can I do to help?
A: The continued development work that is happening simultaneously with running a successful Community Investment Campaign will require the participation of all FRFC owners. Every hour of your time that you share with the co-op as a volunteer is crucial! Your participation will get us to opening day! When volunteers reduce the workload of the board of directors, it allows them to focus on the 'big picture' development tasks and maintain forward momentum.
Owner participation takes many forms:
- Party planning assistance for public and/or owner-only events
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Helping at our booth during a community event - as a bonus, you will finally get to share the site info with booth visitors!
- Donations or other early investments during the Community Investment Campaign
- Volunteer time on a co-op team before or during the campaign
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