Site In-sight

Last month I wrote about our efforts to find a loan for the bulk of our financing requirements. That’s $2.3 million, to go along with the financing that we’re putting together from a variety of other sources—another $1.6 million or so altogether.

The Finance and Development Committee is coordinating the work and spending the time to make it happen. It’s made up of Robin Arcus, Michael Bacon, Brand Fortner, Nick Fox, Drew Peng, Lori Pistor and Diane Standaert.

We’ve turned over a lot of stones looking for financing, and followed up on suggestions that some of you made. If you’ve read previous reports you know that the current lending environment is the most difficult in decades. One example: NCB (formerly National Co-op Bank) told us that three years ago they would have enthusiastically financed our project—but not today.

We’ve had a lot of encouragement and interest, but no commitments. We’re unwilling to stop there, though, and we’ve put six more banks on our list. We’re reaching out to them now and over the next couple of weeks.

As you probably remember we’re working on several alternative lending possibilities as well. Without a significant commercial loan, however, there won’t be enough funding to buy the property on Mangum and build that store.

Very few new ‘start-up’ co-ops are building their own stores, and we wouldn’t have gone down that path ourselves if we had found as good a site as the one we have, where we could have leased our space. Now, while we continue to pursue a commercial loan for the Mangum Street store, the committee is working on alternative locations ‘just in case.’ Something may have to be less than optimal—the location, or parking, or the size of the store—but it’s past time for us to be moving forward with your market!

Don Moffitt
Project Manager

SAVE THE DATE!

DCM's 3rd ANNUAL MEETING AND POTLUCK
Sunday, October 23, 2011, 5–7 PM
The Chameleon, 2013 Chapel Hill Road, Durham

Sunday, October 23, 2011 will be the third annual owners' meeting of Durham Central Market.

Owners will receive a progress report, consider any non-binding questions, and elect the next board of directors.

Five seats are open for election on the board of directors. 
Anyone wishing to put forth his or her name for consideration on the board should contact Robin Arcus for submission details (robin@durhamcentralmarket.org). The deadline for board nomination submissions is midnight, Thursday, September 15, 2011. Board members must be owners of the cooperative and able to serve for a two year term.

Voting will take place at the annual meeting. If you are unable to attend the meeting, a provision will be made for you to submit an absentee ballot in advance of October 23rd. 

To present any non-binding questions to the owners, please send these to Robin Arcus (robin@durhamcentralmarket.org). Submission deadline for questions is midnight, Thursday, September 15, 2011.

In the coming weeks be on the look out for details on our gathering along with information on our board nominees.

See you Sunday, October 23rd at the annual meeting.

www.DurhamCentralMarket.org