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Colorado Fresh Food F inancing Fund

Colorado Fresh Food F inancing 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).

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Colorado Fresh Food F inancing Fund

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

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

  3. Fund Goals • Improving Food Access • Economic Development • Innovation (California)

  4. 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

  5. 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

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

  7. 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)

  8. 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.)

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

  10. 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

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

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