3/5/15%

Renaissance%Community%Co3op%
A%community3owned%grocery%store%that%is%building%
community%wealth%and%health%in%Northeast%
Greensboro%

Presentation%to%the%
community%
March%2,%2015%

What%the%RCC%Brings%to%the%City%

RCC%alleviates%a%17%year%food%desert%via%a%full3service%grocery%store%that%sells%a%
wide%range%of%fresh%foods%and%groceries%at%aordable%prices%
As%a%community3anchored,%thriving%anchor%tenant,%RCC%ensures%the%success%of%
the%Shops%at%Renaissance%Plaza%
RCC%boosts%economic%development%in%a%low%income%neighborhood%%
31%good3paying%jobs%with%benets,%lled%by%people%from%the%community%
(lowest%wage%is%$10/hour)%
More%than%$2%million%in%wages%circulating%in%the%community%in%rst%3%years%
Wealth%created%and%controlled%by%the%community%stays%in%the%community:%
more%than%$400,000%surplus%in%the%rst%10%years,%wholly%owned%asset%worth%
$1.7%million%within%20%years%
Builds%a%platform%for%the%community%to%solve%its%own%problems,%starting%with%an%
attractive,%welcoming%store%3%the%kind%of%store%the%community%deserves%

1%

3/5/15%

Financial%sustainability%of%the%operation%
Revenue%projections%based%on%independently%conducted%market%study%
Current%grocery%expenditures%in%the%area%are%over%$1.34%million%per%week%
Year%1%average%weekly%revenue%of%$70,689,%annual%revenue%of%$3.675%million%%RCC%can%
achieve%these%targets%by%capturing%only%5%%of%existing%expenditures%
Growth%estimates%put%is%at%$4.4%million%in%sales%by%year%5%
Expense%projections%in%line%with%industry%averages:%
Gross%margin%is%27.6%%%
RCC%will%achieve%protability%early%in%Year%3:%
Equal%to%industry%average%for%start3ups%
Cash%ow%remains%positive%even%if%revenue%o%by%as%much%as%34.5%%

Funds%raised%to%date%
Status&of&Committed&Funds&
Funds%already%received%&%expended%
Cash%on%hand%
Firmly%committed%in%2015%
Total&raised&or&committed&
Total%needed%to%open%the%store%
Funding&Gap&

&

As&of&Feb&19,&2015&
$179,780%
$117,539%
$909,605%
$1,206,924&
$1,790,000%
$583,076&

2%

3/5/15%

What%the%RCC%is%seeking%from%the%Local%Government%
$600,000%in%loan%and%grants,%to%be%used%to%purchase%equipment,%augment%leasehold%improvements%
budget,%and%fund%operating%capital%%
Any%loans%would%be%repaid%in%years%6%%10%of%operation%
Proposed%staging%of%Local%Government%Financing%stretches%payments%over%3%scal%years:%
$300,000%by%June%30,%2015%(FY201432015)%%Purchase%equipment,%leasehold%improvements%
$100,000%by%July%31,%2015%(FY201532016)%%Purchase%equipment,%leasehold%improvements%
$100,000%by%January%31,%2016%(FY201532016)%%Operating%capital%
$100,000%by%July%31,%2016%(FY201632017)%%Operating%capital%
Commitment%by%early%April%would%enable%us%to%reach%time3critical%milestones:%
Sign%a%lease%with%Self%Help;%Submit%a%strong%grant%application%for%Healthy%Food%Financing%%
Hire%our%GM%and%Finalize%our%contract%with%our%distributor%%
Receive%funds%from%our%other%lenders%(NCDF,%TWW)%

Financial%Partners%in%RCC%Project%
City%of%Greensboro%
%
%
%
%Guilford%County%
Community%Foundation%of%Greater%Gboro
%Cone%Health%Foundation%
Northcountry%Coop%Development%Fund%
%National%Cooperative%Bank%
Natural%Capital%Investment%Fund
%
%Self3Help%Ventures%Fund%
The%Working%World %
%
%
%Regenerative%Finance%
Fund%for%Democratic%Communities%
%
+Hundreds%of%RCC%owners%and%other%supporters%

3%

3/5/15%

Sources%of%Committed%Funds%
In%addition%to%$297,319%received,%RCC%has%these%rm%commitments%
Source&of&committed&funds&
SHVF%tenant%improvement%allowance%

$350,000%

F4DC%grant%(Lakeshore%&Uplift)%

$32,500%

F4DC%Bridge%loan%for%any%gap%in%owner%shares/loans%

$182,200%

CDFI%Loan%(Northcountry/NCIF/NCB)%

$225,000%

TWW/Regenerative%Finance%loan%

$100,000%

Owner%loans%%subscription%agreements%

$14,000%

Owner%shares%%payment%plans%

$5,905%

TOTAL&

$909,605&

Additional%grant%nancing%being%sought%
As%of%February%19,%2015%
Source&&
Community%Foundation%of%Greater%
Greensboro%Grant%

Amount&

Submission&date/
Notication&Date&

$10,000%

Submitted%2/20/15%
Notication%5/20/15%%

Guilford%County%Economic%%
Development%Grant%

$250,000%

Submit%%3/5/15%
Notication%6/30/15%

US%Department%of%Health%and%
Human%Services%Healthy%Food%
Financing%Grant%

$225,000%

Submit%4/24/15%
Notication%9/30/15%

TOTAL&

$285,000&

4%

3/5/15%

Three%business%milestones%we%need%to%reach%before%
opening%in%late%2015:%
Secure%last%of%start3up%nancing%3%$600,000%
Secure%a%great%General%Manager%at%least%6%months%before%opening%
Partner%Uplift&Solutions&has%posted%GM%Job%description%on%industry%job%sites%%
10%strong%candidate%resumes%have%been%received;%Lakeshore&Food&Advisors&is%
working%to%get%us%10%more%candidates%
RCC%is%prepared%to%select%and%hire%the%GM%as%soon%as%nance%plan%is%nalized.%%

Finalize%contract%with%wholesale%distributor%
MDI%has%has%oered%pricing%that%will%allow%us%to%hold%COGS%to%no%more%than%
70%%3%better%than%industry%average%
Our%new%partner%Lakeshore%Food%Advisors%will%be%re3bidding%the%distribution%
contract,%so%we%can%get%even%better%terms%from%MDI%or%a%competitor%

5%