Exciting news! We believe we have discovered a better financing model to help us complete our expansion project. Our original model required Monadnock Economic Development Corporation (MEDC), which owns our existing building, to finance the construction project and for us to lease our expanded store from them. However, this new approach, that we are exploring with MEDC’s guidance, utilizes New Market Tax Credits to help finance the project and the co-op would own the expanded store.
This model will reduce costs and create equity for the co-op. However, it will take more time for us to fully develop and pursue this new approach. Instead of an early winter construction start, if things go as planned, we would be looking at a late spring 2019 groundbreaking. We believe this opportunity to secure better financing will be well worth the delay!
Meanwhile, we continue working through our planning process, developing the details of our floor design and other construction documents, to create an expanded store that will better serve the needs of our member-owners and customers.