Cincinnati Fresh Food Retail Financing Fund. Today’s Presentation  Background  Detailed Response to Motion  Rationale: Why a Fund  Need in Cincinnati:

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Presentation transcript:

Cincinnati Fresh Food Retail Financing Fund

Today’s Presentation  Background  Detailed Response to Motion  Rationale: Why a Fund  Need in Cincinnati: Supermarket Sales, Income, and Health  Structuring a Fund  How much is needed?  Questions

Background  City’s Food Access Task Force Appointed 2009  2010 Taskforce Report to City Council  14 Recommendations - 3 Goal Areas  Improve Access to Healthy Foods  Provide Transportation Options for Low-Income Residents with limited Access to Healthy Foods  Raise Awareness of the Importance of Healthy Eating

Motion from City Council

Rationale: Why a Fund

 Ohio has the 13th highest rate of adult obesity at 26.9% and the 12 th highest rate of youth obesity at 12.5%.  A number of states, in addition to the federal government, are initiating projects modeled on the Pennsylvania Fresh Food Financing Initiative.

 Increase access to fresh foods in traditionally underserved communities  Provide quality employment opportunities in these neighborhoods.  Serve as a catalyst for neighborhood revitalization Goals of the Fund

Identifying Areas of Greatest Need

How could a fund operate?

Center for Closing the Health Gap Cincinnati Development Fund City of Cincinnati Ohio Grocers Association Brandt Retail Group PNC Bank Partnerships

How Much Is Needed?

 Asking City of Cincinnati make an initial investment of $15 million ($5 million/year over the next three years) to seed the fund.  Money will be granted to a qualifying CDFI which will leverage these dollars 2:1 for a total public private fund of 45 million. City Investment: $5 mil/year for next 3 years

 Based on PA data projects on average received $1.4 mil.  Currently there is a grocery gap of 10 stores in Cincinnati. This investment will close the gap. What will $15 million do?

Additional Recommendations

 Prioritize food retailing; expedite the opening of new stores.  Employ up-to-date and data-driven market information that highlights unmet market demand for food to the supermarket industry and real estate developers. Additional Recommendations

 Create economic development  Safe, affordable and efficient transportation services  Give priority to assembling land for supermarket development Additional Recommendations

 Encourage green supermarket development and renovation  Establish a single point of contact  Convene an advisory group of leaders from the industry and civic sector Additional Recommendations