Rush Hour Recipe for Thanksgiving Week
Posted on 11.25.2013
Under Rush Hour Recipes
This week our Rush Hour Recipe is ideal for using holiday leftovers. Find it here!
Indian Potato & Cauliflower Salad
Posted on 11.18.2013
, Rush Hour Recipes
Click here to get this recipe for warm winter salad made with potatoes & cauliflower
Rush Hour Recipe
Posted on 11.04.2013
Under Rush Hour Recipes
Click here for the latest Rush Hour Recipe. Make your pizza a little healthier by adding greens.
Your Coop Needs You!
Recently we started construction on our new store. We did this with part of our financing in place with Range Bank and Northern Initiatives. The rest of our financing is being re-worked because the federal government shutdown ended our bid for a USDA guaranteed loan with Range Bank. The loan guarantee would have paid Range Bank if the MFC ever defaulted on the loan. This provided much security for Range Bank reducing their risk and boosting their ability to loan. Additionally the appraisal on the finished project came in lower than anticipated. Without the USDA behind us and Range Bank lending less money, we’ve brought in the Northcountry Cooperative Development Fund (NCDF), to pick up the funding gap created by these events. But this creates a situation where there is now not enough collateral to back the loans from all three lenders (Range Bank, Northern Initiatives, NCDF). Although all our lenders are enthusiastic about our project and are good partners working hard toward solutions- they have constraints in which they must work. I wonder how many projects across the country like ours have been jeopardized by this federal government shutdown?
However, we have a solution at hand. Our expansion project remains within our control. To ease the pressure on our lenders and frankly, the most sensible thing to do is for us, the owners of the MFC, to have more “skin in the game”. We, as owners, simply need to purchase more preferred shares of the Marquette Food Co-op. This is the most powerful method there is to fund our expansion. We have spent considerable time and energy in order to have the capability to sell shares of our Co-op to many people in relatively small amounts. To date 290 shares have been purchased by 80 members. We need to sell at least another 300 shares. If purchasing shares is not the right option for you- you may also purchase Expansion Gift Certificates at the Customer Service Desk in the store.
To get the project this far we have spent $500K. We are in line to receive a $615K grant from the Michigan Economic Development Corporation. We have sold $290K in shares. This equates more than 1.4 million in contribution from us. This is more than what has been required of us to provide in terms of equity investment in the expansion project. We have done our part but now we need another $300K. So be it. If we don’t raise additional money from the sale of shares- we stand to lose our grant, will be forced to return member capital, and our investment in the project thus far will be for naught.
The time to act is now. Our lease on our current location ends in May of 2014. With construction started we stand an excellent chance to move into our new store before then. But for that to happen we need all of the money to flow. For that to happen we need to buy shares of our Co-op. The share price is $1,000.00. The minimum share purchase is one. The maximum is twenty-five. Call or email me for a Disclosure Document and get informed about our share offering.
There is not a single person or agency who does not want our expansion to move forward full throttle. We have made partners all along the way including, citizens, lenders, the City, the County, and even the State of Michigan. Let’s not allow our federal government’s posturing for internal political supremacy end our bid to have increased access to wholesome, healthy, and local food. Let’s move forward and create jobs. Let’s keep our local construction workers going all winter. Let’s cooperate.
We are stronger together.
General Manager, MFC
906-225-0671, ext. 10
Harvest Fest Raffle Winner!
Posted on 10.15.2013
Under News From Our Board
Congratulations to Mark Leonard on winning our Baraga Harvest Fest Raffle! Enjoy the basket of local goodies!
Board Minutes from September
Click here for the Board of Directors’ September minutes. Everyone is welcome to attend board meetings, held the third Tuesday of each month at 6pm in the Co-op Conference Room.
Bulk Food Week!
Posted on 10.14.2013
Under Upcoming Events
October 13th – 19th is National Bulk Foods Week!
As you may know, buying bulk foods has many great advantages. Here are just a few reasons to buy bulk:
• Bulk is affordable – significant savings when compared to packaged products
• Bulk is green – buying bulk helps reduce consumer food waste and packaging waste
• Bulk is high quality – it is often fresher than packaged alternatives
• Bulk is convenient – consumers may purchase a pinch or a pound
We have enough of our financing pieces in place to effectively begin construction of our new store. Construction will begin the week of October 7th. We are also using this initial time of construction to secure the funding for the complete project. There are several moving parts and five different funding partners to coordinate. Who are these partners? To begin with, there are you, the members of the MFC. To date you have purchased $282K in preferred shares! There are plenty more shares to purchase and if you have considered doing so- now is the time to act. We need your investment as the preferred shares remain the most inexpensive way for us to fund expansion. Our other funding partners are Range Bank, Northcountry Cooperative Development Fund (NCDF), Northern Initiatives(NI), and the Michigan Economic Development Corporation (MEDC).
While every financing detail is not quite finished, we are still moving forward to complete construction of those parts of our new store which must be completed before the winter sets in. You will see foundations poured and new walls and roofs go up! This will make a dramatic change to the landscape at 502 W. Washington and give our contractors a weather protected place to work all winter.
Interestingly, the shutdown of our federal government had thrown a wrench in works of our financing as part of our deal was USDA loan guarantee on our construction loan with Range Bank. With the shutdown, the USDA closed. This effectively ended our bid for federal government backing on our project. Range Bank, however, is re-tooling our financing package and we are also seeking additional financing from the NCDF and NI. The NCDF and NI are old friends having funded our previous expansions. Additionally, we are on the cusp of receiving a large grant from the MEDC.
This is an exciting time in our Co-op’s history. Come out on Friday, October 11th at 3pm and join in a few moments of excitement at the new store site!
Posted on 10.08.2013
Under Upcoming Events
October is Coop Month!
Join us on Saturday October 12th from 2pm – 6pm for your chance to win a basket of local fare along with many opportunities to sample some of our favorite treats.