Food Shed Exceeds Fundraising Goal; Store Construction On Track

The Food Shed Co-op completed its Community Investment Campaign (CIC) on November 30, 2021 and achieved the stated goal of raising $1,750,000 from Co-op owners and other members of the community.

The CIC began on August 15th and ended on October 15th with approximately $1.1 million raised at that point.  The CIC was extended through November since community enthusiasm was high and the board felt the goal could be met with a few more weeks to solicit investments and donations, which turned out to be the case. 

With investment funds raised from members of the community along with bank loans, ownership equity and grants, the food co-op is on track now to secure $4.3 million, which is the minimum amount needed to build, equip and staff the full-service community-owned grocery store. While more funding may be needed due to rising inflation and building costs, the board of directors were sufficiently comfortable to move the project timeline forward from the funding stage to the building stage.

Professional store designers have been hard at work for several months and an architectural firm will soon be hired to finalize the building design for the food co-op located at the intersection of Lake Shore Drive and US HWY 14 in Woodstock. 

While the board of directors and over 1350 owner-members of the co-op are feeling great about the results of the capital campaign, the co-op is still accepting investments (preferred shares and owner loans) and donations until construction begins in early 2022.

Every investment and/or donation dollar raised in the community reduces the co-ops' dependence on more expensive commercial lending sources.  Extra funds may also allow the co-op to add more features to the store that co-op owners hope to see, e.g., solar and geothermal energy.

The Food Shed Co-op was incorporated in April, 2014 and currently has just over 1,350 owner-members. Food Shed Co-op membership has grown dramatically since the store site in Woodstock was announced in December 2020. The co-op is a strong advocate for local farms using sustainable agricultural techniques. Owner-members also value supporting the local economy, providing access to healthy local food and protecting the environment by reducing the carbon footprint caused by the distance that food travels to grocery store shelves. The store will be a model for sustainable living, strive for zero-waste and help build a stronger, more resilient local food system. 

The Food Shed is one of several food co-op startups in the area which includes Whitewater, Chicago, Rockford, Elgin, Racine, Rogers Park and Lombard.