Food Front Cooperative Grocery

Hello Food Front Community,
First, we want to thank you for all of your support, ideas, and energy as the process unfolds to develop the future of Food Front.

And now, we have some exciting news to share with you:
• Board of Directors:
o Voting closed on 10/25 (12pm). Thank you to the more than 380 folks who submitted their votes for Directors to the Food Front Board!
o Meet the Board here: https://foodfront.coop/board-of-directors/meet-the-board/

• Financing Update:
o We are pleased to announce that we have closed on a loan! Terms include $1M, 7.75% interest, 4.25% fees, 15 year amortization.
o We have paid back the loan from Beneficial State Bank and will begin the process of paying past due invoices to Food Front vendors and partners.
o With the balance remaining on this new loan, we have roughly 6 months of cash runway before foreclosure looms again. However, realistically, we have more like 30-45 days to finalize a plan. This is where we need your input. Please join us at the November meeting to learn more.

• November Board Meeting:
o When: 6pm, 11/28
o Where: Zoom, online only
o What: Anticipated to have presentations from the Board, a potential real estate development partner, a potential grocery store buyer, a realtor, a grocery industry consultant, and possibly more.
o Learn more about the challenges and opportunities of the different potential options facing the future of Food Front.

• Member Engagement:
o You’ve spoken, we’ve listened! You said you’d like to learn more about what opportunities the Board has considered regarding opening the store, redeveloping, etc.
o We have set up a Frequently Asked Questions (https://foodfront.coop/about/FAQs/) page with questions regarding ideas we’ve heard from members and answers about the viability of each option.

• And the GoFundMe is still up! Your generosity has helped to keep the lights on, the utilities paid, pests under control, trash hauled and more. We would not be where we are without the incredible support of the Food Front community! Thank you for your contributions and continued support. https://www.gofundme.com/f/save-food-front

Thank you for your support,
Food Front Board of Directors

Hello Food Front Community,
Thank you for joining us at the Food Front Annual Meeting last night. It was great to see you.

We have a few updates and requests for you:

It’s time to VOTE for Board members - Voting is open!
o Voting for Board members is open from Wednesday, October 18 (12pm) through Wednesday, October 25 (12pm)
o The voting website can be found here: Voting.Foodfront.Coop
o Instructions on how to vote, candidate pictures and bios are on this website
o If you have any questions or issues voting, we will be hosting “office hours”
o “Office Hours” will be held at Food Front on Saturday 10/21, enter the parking lot on 23rd Place. 11am-3pm.
o As a reminder, a vote may only be cast by an equity owner member, not household members
o We need at least 200 people to vote, so please do!!

Annual Meeting:
o Loan update - the Board is within 1-2 weeks to closing on a loan. The loan offers the best terms of any we have vetted. It is $1M, 7.75% interest, 4.25% fees, 15 year amortization.
o We look forward to paying off the loan from Beneficial and especially making our vendors whole. We will let you know when the loan comes through officially, but thank you all in the meantime for your patience and support.
o Voting update - as noted above, voting for Board members begins on 10/18 (12pm) and runs through 10/25 (12pm). There will be “office hours” at the store for anyone that needs assistance, 10/21 from 11am-3pm.
o Many thanks to Collin, Silas, Defne, and Sanela for volunteering to run for the first time and help out! And thanks to Mike, Roman, and Tom for running as well and continuing to pass on information gathered so far to the new board members. We can’t do this work without you all - thank you!

Lastly, the GoFundMe is still up! Your generosity has helped tremendously to keep the lights on, the utilities paid, pests under control, trash hauled and more. We would not be where we are without the incredible support of the Food Front community! Thank you for your contributions and continued support. https://www.gofundme.com/f/save-food-front

Thank you for your support,
Food Front Board of Directors