A New Year, a New Board
We kick off the new year with fresh energy and new faces on our Durham Central Market board of directors. We have one newly elected member, Kirsten Ingebretsen, and five newly appointed members, Shelley Beason, Marilyn Butler, Brand Fortner, Nick Fox and Milan Pham. We look forward to their ideas and industry as we forge ahead toward creating the store.
We regret that Stephen Hren, long time board member, has resigned his board position after serving since the inception of Durham Central Market. We thank Stephen for his perseverance and team spirit which kept us motivated and moving forward. We also thank Danny Siegle who completed his board term at the end of 2010. Danny's work included finalizing the store site and being faithful to set up our tent at the Farmers' Market.
The remaining board members include Robin Arcus, Michael Bacon, Pam Campa and Beth Fowler. Your board is energized to meet the challenges of developing the store site, finding financing, and building Durham Central Market.
History of Food Co-ops
We're intentionally cooperative.
Durham Central Market is founded on cooperative principles that stretch back to 1844 in Rochdale, England when twenty-eight weavers and artisans banded together to form an affordable food store. With their wages trimmed due to mechanization of work and the industrial revolution, these tradesmen needed an outlet that supplied basic food at a reasonable price. After equally contributing money toward a reserve, on December 21, 1844 they opened with an inventory of butter, sugar, flour, oatmeal, and a few candles. Within three months they expanded to include tea and tobacco. While they were not the first to think up the cooperative concept of pooling resources and energy, their store succeeded where others failed. The group created seven basic principles, sound enough to serve their purpose, and to pave the way for more than 1,000 additional cooperatives to form in Britain in ten brief years.
The Seven Cooperative Principles
- Voluntary and open membership
- Democratic member control
- Member economic participation
- Autonomy and independence
- Education of members and public in cooperative principles
- Cooperation among cooperatives
- Concern for community
These principles guide us in our formation, allowing Durham Central Market to stand with cooperatives across the globe. We value what we can do together. Durham Central Market. We're intentionally cooperative.
For more information see the history of the Rochdale Society of Equitable Pioneers.
The Next Phase Begins!
Over the past few months the board has prepared for the next phase of developing the store for Durham Central Market, which starts NOW! Before the vegetables are stocked… before the shelves are merchandised… before local suppliers can be contracted with… we have to successfully complete this phase—raising the funds we need!
How much? It will take over $4 million dollars to buy the land, design and build the store, install the equipment, hire and train the staff, stock the shelves and absorb initial operating losses.
Where from? While we intend to borrow almost $2.5 million from banks, and we're counting on the City of Durham for another $300,000, we need you—the owners of this enterprise—to invest $1.5 million in preferred shares or community investment notes. Without the funding, there's no store. Every shareholder will be asked to do her or his part so that together we can launch our new venture!
How? Every owner will get a packet of information on ways to invest in the market, and volunteers will follow up with phone calls to talk about the campaign and the future of the store.
When? The campaign is already beginning to launch, and will really take off when all owners are invited to gather in February! So...
Save the Date and Mark Your Calendar NOW for a
Durham Central Market
Love Your Market Pep Rally!!!
Sunday, February 13, 2011
The Trotter Building
410 West Geer Street, Durham, NC 27701
The time has come to take the next BIG step for DCM:
the owner investment campaign!
Come and gather with other owners and investors to
enjoy an evening of foods, fun and information.
A quick look at the agenda...
Emcee: WUNC's Frank Stasio, host of The State of Things
Guest Speaker: Stuart Reid, Food Co-Op Initiative Executive Director
Durham Cinematheque with fun foody film clips
Local Chefs and Restaurateurs
with a wonderful array of their delectable edibles to sample
DCM Board of Directors
Project Manager and
ready to answer your questions about the investment campaign
and the market's next stages
Watch your mail for Investment Campaign information and
for more information about the February 13th evening
of films, food and fun!