The Sugar Beet Food Co-op announced this week that it met its $1.8 million fundraising goal and will begin construction on a grocery store located at 812 W. Madison Street in Oak Park once permits are approved, according to a press release from Strategy Scene.
Cheryl Muñoz, founder of the Sugar Beet Co-op said, “We have reached a huge milestone for this community project. Residents have rallied around the Sugar Beet and its mission and have shown their support. We are grateful to all of our lenders, partners and member-owners who have helped us achieve our goal.”
Member-owners, traditional loans and a TIF grant from the Village of Oak Park were the three primary sources which contributed towards the goal, according to the press release.
“Funds from both traditional lenders and through the Village of Oak Park were contingent upon the Sugar Beet Co-op Board of Directors raising $800,000 through a capital campaign that included member loans and membership dues,” according to the press release. “Member-owners of the Co-op stepped up to invest in the community grocery store and to help unlock the TIF and traditional funds. Out of 950 member-owners, over 60 member loans were received.”
“Our growing membership base further demonstrates the support we have for this grocery store,” said Tom Hollinden, President of the Sugar Beet Co-op Board. “Over 900 households from our community have already become member-owners, and many have stepped forward to help fund the grocery store opening.”
The Madison Street location will open in March 2015, according to the official website for The Sugar Beet Co-op.