Two Seward Co-op expansion projects provide options for major investment and community resident ownership.
April 2, 2014 (Newswire) - Seward Community Cooperative is expanding. Investments will help make possible a new store, called the Friendship store, at 38th Street and 3rd Avenue, and an administration and food production facility in the Franklin Cooperative Creamery building on the corner of Franklin and 26th avenues. These expansions will contribute to the economic well being of south Minneapolis and create additional healthful food options for the community. In order to be eligible to invest, one must be an owner in Seward Co-op and reside in the state of Minnesota. Direct investment from Seward Co-op owners is important to the financing of the expansions. Seward Co-op's goal is to raise $2.5 million in capital from co-op owners through owner loans and Class C stock.
"Investing in Seward Co-op is perhaps the most socially responsible investment a person can make," said Sean Doyle, Seward Co-op's general manager. "We are a strong community co-op, and these two projects will only help us to build an even more sustainable future. Good jobs, great food, and more cooperation will be the end result."
Seward Co-op's investment campaign got off to a promising start in February when they were awarded a New Markets Tax Credit (NMTC) allocation of $8 million by the Midwest Minnesota Capital Development Corporation. The NMTC will result in substantial debt forgiveness and, along with owner capital, makes the project more attractive for bank financing. As of March 30, Seward Co-op owners have invested $283,500 in the projects through a combination of owner loans and Class C stock purchases.
Those interested in more information on investment opportunities in Seward Co-op may request the offering document at Seward Co-op's customer service desk or by contacting owner capitalization coordinator Jill Livingston at firstname.lastname@example.org or 612-314-2012.
Those interested in becoming an owner in Seward Co-op can do so at the co-op's customer service desk. Ownership in the co-op is a one-time investment of $75, and co-op offers three different payment options. Information on the payment options and a list of owner benefits are available at www.seward.coop/ownership.
In order to maintain the proposed construction schedule, Seward Co-op aims to reach its investment goal by the end of its fiscal year on June 30, 2014. Updates on Seward Co-op's expansion projects are available at their website at www.seward.coop/expansion.