Quick Community Action Needed

Janice Mason and has done us a great service by printing a long and detailed article in the Community section of this Friday’s Trail Gazette (Feb 1, 2008). It has already begun to reach many who, like ourselves, have long dreamed of having a storefront Co-op in our community. We appreciate also that she mentioned that quick community action is needed. Jim and LeeAnn Wehr have proposed a very generous lease for the space at West Park Center, which they own. The current retail rent for the space is $2500/month. They have proposed to start us out at $1500/month. Again, this is a very generous arrangement. They cannot, however, wait indefinitely for us to raise the funds necessary for us to cover our start-up costs. They have therefore asked for a $1500 non-refundable deposit by March 1st in order to hold the space open for us. Then, after placing the utilities in the name of Local Roots Co-op, we will gain access to the space to begin getting it ready. The lease is then scheduled to go into effect by May 1st.

Because the funds from Memberships and Shares are not to be used until we have met our start-up costs, a third method of funding is required in order to be able to put down this deposit. This third method is called a Community Support Loan. A Community Support Loan is a type of loan that is often employed by Co-ops. The loan is to be paid back to the dollar with no interest. Until the loan is repaid, the lender receives a return on investment in the form of an enhanced discount as follows:

• Non-Member: 10% at the Co-op / 5% at Cooperative Partners
• Non-Working Member: 15% at the Co-op / 10% at Cooperative Partners
• Working Members: 30% at the Co-op / 20% at Cooperative Partners

Loans received before the Co-op is opened will have an extension on the discount period. These loans may be utilized to fulfill immediate needs.

The timeline has begun. We need to raise the funds for the deposit, as well as the Memberships and Shares required for us to be able to even think of opening in May. This is a dream that Estes Park has long been ready for. Let us take the steps to make this dream a reality.