Co-op Update and Founding Member Informational Meeting July 30

[Evelyn Rousso]

Dear friends and neighbors,

We are eager to update you on the progress of the co-op first discussed with many of you a few months ago.

To quickly recap: An initial meeting was held May 8 to explore interest. At that meeting, Andrew Crow from the University of Alaska gave a presentation on co-op development. Following that, Greg Fisk and Evelyn Rousso obtained funds from the University to visit some co-ops in Seattle and attend the Consumer Cooperative Management Association (CCMA) annual conference in Philadelphia in mid-June.

Since that time, a steering committee --comprised of Greg Fisk, Evelyn Rousso, Sally Schlichting, Odin Brudie, and Patty Ware with our legal counsel, Doug Mertz-- has been busy. There is still no corporate entity that has signed on to lease the existing Foodland so we are pushing forward.

After several weekly meetings we are pleased to report the following accomplishments:

-We are now incorporated as Capital City Market Cooperative, Inc.

-We have obtained an Alaska business license.

-A detailed set of by-laws has been completed and interim officers elected. These officers will serve until the first membership meeting, which will occur once we have reached the initial funding threshold of our Founding member drive.

-The committee hosted a dinner for Glenn Bergman, general manager of Weaver’s Way Cooperative in Philadelphia. Glenn was here on a family trip to Alaska and graciously toured the existing Foodland store and met with our committee, providing valuable input and advice on space, product, corporate structure and governance, and fund-raising

-A bank account has been opened at True North Federal Credit Union.

-A variety of membership forms and outreach materials have been drafted.

-The committee has met with the Foodland owner and realtor to pitch the cooperative proposal. The committee maintains an ongoing dialogue with these parties as to the store's status.

-Exploration and review of potential sources of financing has begun, including grants and obtaining letters of support.

- Solicited and received a cost proposal for a professional market study which we hope to initiate in the next few weeks.

NEXT STEPS:

Founding Membership Drive
Capital City Market Cooperative, Inc. is now seeking people interested in becoming Founding Members. Founding Members are encouraged to contribute $500. This includes a lifetime membership of $250, as well as an additional capital investment of $250 to help fund start-up costs. Founding Members should understand these funds are completely at risk, but without this investment from you, we cannot proceed. However, these contributions entitle Founding Members to vote in the first membership meeting in addition to all regular membership privileges including discounts and dividends, once the store is opened.  Following our Founding Member Drive we will have a general membership drive; there will be plenty of opportunities to join and be involved if you are not comfortable committing as a Founding Member.

For additional information about the co-op and about becoming a Founding member, we have attached a Capital City Market brochure and a Founding member form.

Informational Meeting on the Capital City Market and Founding Membership
To learn more about becoming a Founding Member, we invite you to our next informational meeting. We would be delighted to meet with you, answer questions, and graciously accept your Founding Member contribution. Please join us for refreshments and we will provide a brief update on our work. In addition, the cooperative bylaws will be available for review.

WHEN: Monday, July 30, 5:00 PM

WHERE: 126 Seward Street, Offices of NorthWind Architects

We hope to see you there.   Please pass this email on to anyone who may be interested. We would be glad to add them to the co-op list serv to receive ongoing updates.  Please feel free to email us at capitalcity...@gmail.com

[Aurah Landau]

I put this on the Downtown Juneau Neighborhood Assn listserve, forwarded it to the Thane Neighborhood Association, and will post about the meeting on the Slow Food SE, Downtown Juneau Neighborhood Assn and Flats Families Facebook pages.

Aurah Landau

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Date: Mon, 23 Jul 2012 11:27:15 -0800
Subject: Co-op Update and Founding Member Informational Meeting July 30
From: capitalcity...@gmail.com
To: juneau-f...@googlegroups.com

[Marta]

Evelyn,

I am interested in becoming a member, but we are traveling and won't be in town for the July 30 meeting. I am a little confused about the additional $250.00. Is this the loan you are referring to at the bottom of the membership form or is that another invitation to contribute?

Thank you for all your work in creating this opportunity for our little community,

Marta Lastufka

Sent from my iPad

<Founding Membership form.pdf>

<CCM trifold 7_23_12.pdf>

[Michael LeVine]

Thank you all for all the work you have put into this. 

I have a related question related to Marta's below.  Is there an opportunity now to contribute less than $500?  It seems to me that the organization should be interested in raising as much money as possible and in having as many people as possible show support at this time.  If so, donations of any amount should be accepted--including in-kind help (publicity, for example).  In addition, it would seem to me that you'd want the input (votes) of anyone who contributes and is willing to be an informed participant.  All of that to say, it makes sense to have a $500 designation as a "founding member," but might it make sense to commemorate that contribution in some way that does not exclude those unable to contribute that amount?

Thanks!

Mike

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From: Marta <sweets...@gmail.com>
To: "juneau-f...@googlegroups.com" <juneau-f...@googlegroups.com>
Sent: Tuesday, July 24, 2012 4:03 PM
Subject: Re: Co-op Update and Founding Member Informational Meeting July 30

[Capital City Market]

Hi marta thanks for your interest.  Every member has $250 in equity in the co-op.  We are asking founding members to contribute an additional $250 in equity.  This is not a loan, it represents ownership in the business.  As we move forward we will also be asking for members to make loans to the co-op.  The box on the bottom of the form is simply to gauge interest in the loan program. 

[Capital City Market]

Thanks for the comments.  To clarify we are encouraging founding members to contribute $500 but it is not mandatory; founding members can join at the lifetime member rate of $250, however note that as a founding  member your money will be at greater risk.   The funds raised in the founding member drive will be used to perform a market study, and there is no guarantee that the study will conclude that our community can support a co-op food store.and we will be able to move forward with opening a store.   Please come to the meeting on July 30th to learn more.  .

[Michael LeVine]

Thanks.

---

From: Capital City Market <capitalcity...@gmail.com>
To: juneau-f...@googlegroups.com
Sent: Tuesday, July 24, 2012 5:01 PM

[Ken Burch]

I'm also interested in joining.  It would be easier if I could pay the first $250 now, and then the second in a month or so(or, at least, by PFD time).  Would THAT be acceptable?

-Ken Burch

----- Original Message -----

From: Capital City Market

To: juneau-f...@googlegroups.com

Sent: Tuesday, July 24, 2012 4:28 PM

Subject: Re: Co-op Update and Founding Member Informational Meeting July 30

[Ken Burch]

Another question:

 

How are we to make the payments?  Does the co-op have an account at which they can be deposited?  Do you need to receive them AT the meetings?  Or is there a way to do it through PayPal or some other online method(I'd be glad to include any extra processing fees in my payment if it were the latter).

-Ken

----- Original Message -----

From: Capital City Market

[Capital City Market]

Hi Ken, 

The  Founding membership drive will conclude when we have the first meeting of the membership, after which point we will only be seeking regular members.  We would not expect the Founding Membership drive to last very long, so if you're only prepared to contribute only $250 now, that's completely fine.  The objective of the Founding membership drive is simply to raise enough  funds to commission the market study and help with start-up costs and grant applications.  

At this time, we only have the ability to accept checks for deposit into the Capital City Market bank account.  

Thank you for your interest and support!