Colorado Fresh Food Financing Fund New Tools for Downtowns? IDA Minneapolis – Sept 2012.

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Presentation transcript:

Colorado Fresh Food Financing Fund New Tools for Downtowns? IDA Minneapolis – Sept 2012

Existing Fresh Food Funds Pennsylvania New York New Jersey California Illinois Cities (e.g. New Orleans)

Fund Goals Improving Food Access Economic Development Innovation (California)

Fund Capitalization Fund sizes range from $14-264M Number of deals to date: 0-88 Five initiated/seeded by government CA initiated by The California Endowment – foundation CO champion is the Colorado Health Foundation

Project Types New stores have the greatest impact Large chains generally not interested, except for New Market Tax Credits Store expansion, renovation & upgrades are cost effective Store preservation leads to inventory financing

The Proposed Colorado Fund Foundation initiated Expand/improve fresh food access Economic development Low and moderate income areas Partner with local governments when possible

The Proposed Colorado Fund 3-Year Goals New-build stores (1 to 3) Re-open dark stores (4 to 8) Expand or enhance stores (10 to 20) Preserve stores (4 to 8) Capitalize innovative concepts (5 to 10)

The Proposed Colorado Fund Capitalization $20M, with $10M from Fund Initiators Loans and grants, often together Administrative support for Fund Administrator (CHFA) & Food Access Organization (t.b.d.)

Colorado Fresh Food Financing Fund ~$10 Million Term Debt Innovation Financing Loans Grants PRI Grants Improving Existing Outlets for Access $8 Million Developing New Outlets for Access $11.5 Million Innovative Concepts for Improving Access $500,000 Individual Project Enhancement & Leveraging ~$10 Million Grants, Subsidy, Match CDFIs, 504, NMTC, TIF, SBA, Grant/Subsidy: CDBG, Brownfield, TIF, NMTC 3 Year Goal: $20,000,000 Total Project Costs

Lessons for Downtowns Unconventional champions – health industry, fresh food advocates, local government health departments Explore local, regional and state solutions Statewide applications can benefit urban areas

Colorado Fresh Food Financing Fund New Tools for Downtowns? IDA Minneapolis – Sept 2012