Timeline to 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.