Important Member Meeting Dec. 14!

Make plans if you can to attend the CreekSide Co-op member meeting on Wednesday, Dec. 14 at 7:00 pm at the Elkins Park Library. At the meeting, we will be voting on a couple of changes to the co-op's bylaws. These bylaws changes need to be voted on before the end of the year and we need a minimum of 50 members to form a quorum for voting purposes, so please try to get by this meeting on the 14th if only to cast your vote.

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Big News For CreekSide Co-op!

Our community's dream of owning its own grocery store has taken several giant leaps forward!

Permanent Financing

CreekSide Co-op received word this week that the board of Fort Washington-based Vantage Point Bank has committed to providing $3 Million in long-term, USDA guaranteed funding for the purchase, renovation and operation of our co-op market. 
"As chair of the loan committee of Vantage Point Bank (VPB), I am pleased to join in this announcement from the Board of the Creekside Co-op," said Marshal Granor, a member of the bank's board of directors.
"Vantage Point Bank is a small but growing community bank headquartered in Fort Washington.  We are delighted to be a part of the future of the Co-op.  And as a long-time resident of Elkins Park, as well as an early co-op member, I am happy to see new life come to the old Ashbourne Market.," Granor said.
"The Co-op Board and Finance Committee did a tremendous job of providing technical information so that VPB could understand, consider, and grant the loan commitment," he added.
The bank has submitted the necessary paperwork to the USDA and we expect to receive the USDA's formal commitment letter within the next few weeks.
Given the vital role Vantage Point Bank has and will play in funding our efforts and supporting our community, the CreekSide board recommends that members consider Vantage Point when deciding where to place their checking and savings accounts.

Construction Contract

In preparation for our next steps, we also now have a signed contract with Allied Construction of Fort Washington.  Allied is a nationally recognized construction company with major projects throughout the region.  They have been working with us for many months to help design and price the construction for the project.  Allied will perform the renovation work necessary to convert the former grocery store into what will become our 9,000 square foot co-op market.

Next Steps

So, what remains to be done to get the co-op open?  

We are in the process of finalizing an acquisition and construction bridge loan commitment from The Reinvestment Fund, a community investment group based in Center City.  We have been working closely with TRF for almost a year and, now that the permanent financing is in place, expect to finalize a deal with them very soon.  The financing from TRF will be used for the initial acquisition of the property and the construction of the renovations to the building.
 
The final piece of the financing puzzle is our member loan program, through which we need to raise at least $250,000.  This is a requirement of our bank/TRF financing and the project can not move forward without it!  As you will recall, the initial notice of the program was sent some weeks ago and was met with great enthusiasm by the members.  As expected, not every member is able to participate at this time, so we will begin soliciting individual loans for $1,000 or more (which can be shared among multiple members if desired) in the coming weeks.
 
Once all the financing is secured we will purchase the building and begin construction, most likely around the beginning of 2012, with an expected completion by next summer.
 
It's taken three and a half years to get to this point.  What gave the board the strength and determination to realize this achievement was the overwhelming passion this community has had for this project from the beginning.  While challenges and hard work remain, we believe that reaching these milestones means that our most significant unknowns have been resolved and the most daunting doubts about this project are in the past.  We look forward to joining with all of you, our friends, families and neighbors, to bring our co-op market to fruition.