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Budget Trims and Loans May Help, But Project is in Fundraising Mode
An email from the Chicago Market co-op grocery brought good news. The city of Chicago has granted the project its long-awaited construction permit, enabling it to begin its buildout in the historic Gerber Building adjacent to the Wilson Red Line station in the Uptown neighborhood.
But the project's long gestation period (I have been a owner/shareholder for almost 10 years) has left Chicago Market with a budget gap, which it is working to close so construction can begin.
Here's the text of their newsletter that elaborates on the market's budget re-configurations, efforts at creative financing... and their need for additional fundraising.
As a longtime friend of the project (and hopeful future shopper), I send best wishes for success.
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We have some exciting news — our construction permit has been issued!
There are so many pieces that have to click into place for a project like ours and having our permit that allows for construction is certainly a key one.Â
But construction costs have to match our available funds to begin construction (as described in our recent Newsletter), so we continue work:
Our general contractor is submitting new prices based on a much simplified project plan. We expect those numbers soon.
Our general manager has sourced reconditioned equipment. We're seeing substantial drops in equipment costs.
We anticipate that even with lowered construction/equipment costs, we are likely to face a funding gap, so:
We met with a lender who is preparing a $250,000 gap loan for us.
We submitted a letter of interest to Landmarks Illinois for up to $800,000 in low-interest gap funding and will know later this week whether we are selected to submit a full application.
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We're also excited to see support from our Owners and the community coming in. After our last Newsletter, we've welcomed five new Owners and one Owner leveled up their Ownership from Founding to Cultivating.Â
We need your help:
Level up your Ownership and encourage others to join.
Invest in Preferred Shares to fund construction while investing in your community and earning a fair return. Email our treasurer to learn more.
Make a donation to the Market’s construction fund. Every dollar counts.
Know an individual, organization, or investment firm that might be interested in supporting our mission? Please email the Board and make an introduction.