News From Terre Haute, Indiana

Local & Bistate

September 18, 2009

Terre Foods Cooperative Market targets spring 2010 for downtown opening

TERRE HAUTE — Terre Foods Cooperative Market seeks to open its downtown Terre Haute store in the spring of 2010, unveiling plans Friday that include construction of an addition to a building at the corner of Seventh and Poplar streets.

However, to make the market bloom, the cooperative is seeking to get 300 members by the end of this month and more than 500 members at opening.

The cooperative now has 167 members, each paying a one-time, $200 member-owner fee.

“The biggest challenge we face right now is essentially mobilizing capital. Equity capital as well as debt capital from our own membership,” said cooperative member Don Richards, an economics professor at Indiana State University.

“I would like to see $150K [$150,000] before we begin negotiations with lenders, so that we will be taken seriously when we sit down with lenders. We would like substantially more than that. Our total cost is in excess of $1 million,” Richards said.

“We regard this as a good investment. If someone has a few thousand dollars in a savings account or money market account, we present, I think, a good financial alternative to that,” he said. “We are a member-loan program, which pays 3 percent on loan funds, whereas comparably liquid opportunities in banks are not even competitive with that currently. So it is not a bad financial investment and is a wonderful community development gesture.”

Terre Foods Cooperative Market has a purchase agreement on a building at the corner of Poplar and Seventh streets. That building has had several former uses, including a McDonald’s and a state license branch.



The purchase agreement expires in October, but Robyn Morton, president of Terre Foods, said she is confident the cooperative can close on the property within two months.

The plan is to expand that building, adding 2,224 additional square feet, bringing the total to 5,320 square feet. Of that, 3,096 square feet would be retail space. The cooperative is working with MMS-A/E, a Terre Haute architectural firm, on a market design and CDI Construction for the build out of the market and addition.

Text Only | Photo Reprints
Local & Bistate
Latest News
TribStar.com Poll
AP Video
13 Struck by Lightning on Calif. Beach Raw: Massive Dust Storm Covers Phoenix Raw: Shipwrecked Concordia Completes Last Voyage Traditional African Dishes Teach Healthy Eating Baseball Hall of Famers Inducted The Carbon Trap: US Exports Global Warming Raw: Bolivian Dancers Attempt to Break Record Raw: Sea Turtle Hatchlings Emerge From Nest Israel, Hamas Trade Fire Despite Truce in Gaza Raw: Israel, Palestine Supporters Rally in US UN Security Council Calls for Gaza Cease-fire Kangaroo Goes Missing in Oklahoma Italy's Nibali Set to Win First Tour De France Video Shows Smiling American Bomber in Syria Mobile App Gives Tour of Battle of Atlanta Sites 12-hour Cease-fire in Gaza Fighting Begins Raw: Sirens After Explosions in Israel Raw: Planes With MH17 Victims Land in Eindhoven Raw: Violent Clashes Between Libyan Militias US Evacuates Embassy in Libya Amid Clashes
NDN Video
GMA: Dog passes out from excitment to see owner "The Hunger Games: Mockingjay – Part 1" Trailer is Here! Chapter Two: Designing for Naomi Watts Baseball Hall of Famers Inducted Florida Keys Webcam Captures Turtles Hatching Morgan Freeman Sucks Down Helium on 'Tonight Show' Robin Wright Can Dance! (WATCH) She's Back! See Paris Hilton's New Carl's Jr. Ad Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity