Electric City Community Grocery Signs Letter of Intent at 251-267 State Street

SCHENECTADY, N.Y. — The Electric City Community Grocery has signed a letter of intent with Civco Realty Corporation to occupy over 12,000 square feet of first floor space at 251 and 267 State Street in downtown Schenectady for a new food co-op.

Eric Johnson, Board President of the co-op, said, “Opening a successful community-owned grocery at this site is a complex endeavor. Today, we have the right team in place to get to the finish line including C2 Design for Architecture, National Co+op Grocers, Civco Realty Corporation, the City of Schenectady, Schenectady County, Metroplex, and nearly 1,100 engaged community members. We are confident that the lease agreement will be finalized in the very near future and construction will commence.”

“We are especially thankful for the strong support we have received from the Schenectady County Legislature led by Chair Gary Hughes, Mayor Gary McCarthy, and the City Council,” Johnson said.

The community-owned cooperative has gained significant momentum in recent months, growing its membership, and officially entering a partnership with National Co+op Grocers (NCG) for professional services to support store development, design, and operations. NCG represents 164 food co-ops operating over 230 stores in 39 states with combined annual sales over $2.6 billion, serving 1.3 million consumer-owners. NCG provides community-owned grocers with the capacity of a larger grocery chain while maintaining the autonomy of each individual co-op. In the past year, NCG has supported successful store openings in communities across the United States. NCG also played a significant role in the success of the Honest Weight Food Co-op’s expansion project in Albany in 2013.

The new food co-op has now satisfied all pre-contract requirements for the $1 million ARPA funding awarded by the City of Schenectady. These funds will be used toward the capital cost of building out the new market. Additionally, the County has pledged $3 million for the project.

In coming weeks, the co-op will initiate a capital campaign to secure additional funding, offering the community an opportunity to invest in bringing the new co-op to life. As is typical with co-op capital campaigns, investment opportunities will include member-owner loans and community and corporate sponsorship opportunities. The co-op has also engaged with lenders, including the Cooperative Fund of New England, to secure additional capital.

Contact:
Eric Johnson
President, Board of Directors
303-621-4424
sloanslake@gmail.com