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Press
Release
In August, the Moscow Food Co-op will move to
a new location, the former Safeway grocery store at Fifth and
Washington streets in Moscow
that most recently housed the Gart’s sporting goods business,
according to Co-op General Manager Kenna Eaton.
The costs associated with the move, including major renovation
of the building, new equipment and products, are expected to total
about $1 million, Eaton said. The financing will come in the form
of funds already saved by the Co-op ($100,000), a loan from a local
bank ($400,000), a loan from Clearwater Economic Development Assn
($150,000), and loans from Co-op members ($350,000). The Co-op
board of directors has signed a renewable 15-year lease with property
owner Beth Kenworthy.
The bank financing has been secured and the Co-op has begun a
community loan program to raise the $350,000 in loans from local
individuals and families. Former Co-op general manager MaryJo Knowles
will coordinate the community loan program with the goal of raising
not only $350,000 in loans, but also donations and paid-in-full
memberships of approximately $15,000.
A similar
community loan program made the last Moscow Food Co-op move possible,
Knowles said. In the fall of 1998, the Co-op raised
$77,000 in loans and $6,000 in donations to move the business to
its existing location at 221 East Third Street. All those loans
were repaid in full. The Co-op’s annual sales were about
$1million in 1998. Following the move to the present location,
annual sales increased to the present level of about $3 million.
The Moscow Food Co-op now has approximately 3,000 members.
For this move, loans will earn annual interest levels of four
to six percent, depending on the amount loaned.
“The Co-op has a great track record of both growth and
repaying these member loans,” Knowles said. “We are
all certain that this community will continue to support the Moscow
Food Co-op.”
The Co-op has become an anchor store for downtown, bringing people
to downtown Moscow and keeping the retail area vibrant and alive.
A recent Latah Economic Development Council survey that found that
year-round the Co-op is the number-one reason shoppers visit downtown
Moscow.
The Co-op has also built a network of local organic growers who
provide fresh produce and other products, sells quality deli and
bakery foods made on-site, and has an experienced staff, knowledgeable
about natural foods.
The Co-op
will begin demolition and renovation in February at the new site
at 105 East Fifth Street. That building began as a
Safeway in 1960 and then in 1978 became a sporting goods store.
The building, with 15,000 square feet, is twice the size of the
Co-op’s current location.
At the new store, the Co-op is considering adding sales of fresh
natural meats as well as fresh-ground flour, expanding the Co-op
Deli seating area with the inclusion of a small stage for performances
as well as expanded wall space for art exhibits, and increasing
the size of all sales departments.
For
more information about the loan program, contact MaryJo
Knowles at 882-0251.
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