This e-mail was sent out to our listserv last night:
Dear Tacoma Food Co-Op Supporters (AND founding members),
Well, we did it! After months of preparation, anticipation and cooperation, the Tacoma Food Co-Op hosted its first annual summer benefit last Saturday, July 19, at People's Park. Our best estimates put attendance for the event at well over 2,000! We raised over $12,000 and now have 150 member-owners that have purchased shares in the co-op.
There was a tremendous amount of work that went into Saturday's event and we'd like to thank all those involved, especially the volunteers that served on the event committee (either officially or by default). An extra special appreciation to the sponsors, vendors, musicians, speakers and raffle donors that helped make the event a success. We have listed these organizations, businesses and individuals by name at the end of this email.
If you missed us at People's Park last weekend you still have a chance to come out and meet some of our wonderful volunteers at the farmers' markets – all THREE of them – as we continue our outreach and member recruitment efforts. We hope to add more events to our calendar in the coming weeks, as we simultaneously work to establish a more organized structure that can accommodate the volunteers that have offered to donate their time to the cause.
We are planning on holding informal monthly gatherings – starting in August – as a chance for our community to get together and talk about the vision for the co-op, hear updates on our progress, meet fellow member-owners and, generally, to have a good time. Our first gathering will be at Franklin Park on August 22, from 5 to 8 pm. We would like to make this a potluck type event, so please bring a dish to share and some utensils to eat with. The co-op will provide the beverages. (We will send out an evite two to three weeks before the event.)
We are continually working to get the website up to date and filled with more content. Our priority right now is to create a space on there for member sign-up. This is, of course, the most important step in making our co-op a reality. We are looking for at least 2500 members to make the investment by the time our doors are opened which, at this time, we are hoping to accomplish by this time next year. But please don't wait that long. Make your investment today: your financial support is the seed capital we need to grow our co-op.
The question we are most frequently asked is, Where is the co-op going to be located? Our best response at this point is that a site committee will be formed in the coming weeks to begin to look at this very issue. Ultimately, however, the decision on where the store is located will be made by the member-owners. If you have any interest in helping to determine where the Tacoma Food Co-Op will open its doors, you must first become a member.
The easiest way to become a member right now is to print up the attached sign-up form, write a check for $100 or provide us with your credit card information, and send it to:
Tacoma Food Co-op, 1615 6th Ave., Tacoma, WA, 98405
In addition to the money we raised on Saturday there was also a tremendous amount of non-financial capital that was generated. We all witnessed a great showing of community support; new friendships being formed and old friendships renewed; the safe, friendly, positive environment that we created in the park. Congratulations to all involved!!!
Please stay in touch and please join today! Go Co-Op!!
Sincerely,
The Tacoma Food Co-Op Board of Directors
Thank you to the musicians, speakers and sponsors of our event: Adriatic Grill, Affairs Chocolates and Desserts, Ale House, Babblin' Bab's Bistro, Beautiful Angle, Best Loved Baby, Bombay Bistro, Brilliant Life Chiropractic, Broadway Center, Buzzard Discs, Calendula Nursery, Cascade Harvest Coalition, Courtyard by Marriot, Crown Bar, Dan Borba (rainbarrels), Deborah Kane, E-9, Tacoma Farmers' Market Association, Farrelli's Pizza, Free Jazz T, George Woodward, Goldfinch, Goldie Caughlan, Grand Cinema, Hampton Inn, Heading East, Herban Café, Infinite Soups, Java Fusion, Jazzbones, King's Books, Kusikia, La Quinta, L'Arche Farm and Gardens, Lincoln Hardware, Nick and Willy's Pizza, NWEI, Old Milwaukee, Parkway Tavern, Pierce Co. Aids Foundation, Pierce Co. FARM Program, Plugintacoma.org, Pre-Paid Legal, Puget Sound Meat Producers Co-Op, Red Hot, Satellite Coffee, Second Cycle, Six Olives, Sofia Bistro, Sound Bites, South Sound Healers Network, Stadium Video, Tacoma Power, Tacoma Rainiers, Tempest Lounge, Terra Organics, Terry's Berries, The Art Shop, TPC Libraries, U Build It, United Way, UTBA, Wai Baby, William Kupinse, Wine Styles, Worm Factories, AND Zestful Gardens!!!!
7 comments:
Will there be a store?
Thanks so much for reading our blog and thank you for the interest and comment.
The Food Coop 500 estimates that it takes about 2-3 years for a functional, healthy food cooperative to open it's doors. We are at the 1.5 year mark and are right on track with their succession of events. We hope to have doors open in about year. We have a projected timeline that includes membership drives and fundraising. Currently we are in line with those projections and on our way to have Tacoma Food Coop with open doors in at least a year. Thank you for your interest. Continue to check back frequently to keep informed and updated!
Thanks,
The TFC
sounds great! what would happen to member pledges if, worst-case-scenario, no store opened?
Let's imagine a couple of different scenarios:
If, after a few months, it becomes clear that the community is not interested in a co-op, membership goals are not being met, people would rather shop at Safeway, etc. and the board decides to pull the plug on the project, then all owner equity will be refunded in full. (We currently have all member equity in an interest bearing account and our operating expenses are being paid through merchandise sales.)
In the second scenario, we have used the member equity to collateralize a bank loan that we used to open the store (likely), and after x number of weeks or months the sales projections aren't being met or expenses run out of control - basically imagine any scenario in which the operation is mismanaged - and the co-op has to shut its doors. The creditors would have first claim on the assets, and then, if there's any cash remaining, it would be divided up among the members (owners).
WHen we say that the investment is fully refundable, we are imagining a best-case scenario in which we're operational and profitable and a member-owner is moving out of state and wants to withdraw her investment in the business. We would "refund" the $100 plus any dividends that have accrued in her equity account over time.
So, like any investment, there is a significant prospect of a reward -- but not without the risk. And we're not just talking about wealth accumulation. The primary benefit for most investors will be the ability to shop at our own member-owned food cooperative.
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