3 Rivers Food Co-op 1612 Sherman Blvd.  Fort Wayne, IN  46808  (260) 424-8812 Public Welcome!     Hours Monday-Saturday: 8:00am-8:00pm, Sundays 10:00am-6:00pm

Board of Directors Meeting Minutes
December 12, 2002

• Call to order at 7:15 PM by Kathy Roudebush, President.
• Declaration of Quorum:
  *Board members present: Cathy Blyth, David Hessey, Eldon Horner, Janelle Martin, Steve Miller, Kathy Roudebush, John Young
  *Board Members Absent: N/A
  *Staff members present: Rosemary Mausser, Joanne Young
• A motion to accept the amended minutes of the meeting was made by John Young and seconded by David Hessey. Vote passed unanimously.
• Old Business
  • Walgreen's Facility Relocation
    1. Update on member loan solicitation
       65 member loan letters were sent. Kathy drafted a promissory note form. The loan should be paid back in a minimum of 36 months or maximum of 60 months. A motion was made to allow the loaner to choose the length of 3 or 5 years by John Young. Janelle Martin seconded the motion. The vote was unanimous. We currently have $2,000. Kathy and Jon will be making follow up phone calls.
    2. Member Equity solicitation update
       Joanne shared current pledged and total on hand dollars from Member Equity. $13,000 in old loans plus new pledges of $15,000 brings current equity to a total of $28,000. The total on hand is $21,000. Each board member should contact 6-10 members about equity. Steve expressed concern about the impression we are giving members. Talk in the store makes it seem certain that we will be moving. All information should be prefaced with a statement about the need to raise money. Raising $100,000 would ensure that customers will follow us with increased commitment.
    3. Lease
       Walgreen's signed the lease on December 3rd. We need a rider for our insurance and the security deposit must be paid. Cathy Blyth suggested a coop gift certificate be awarded to Kathy and Jon for their tireless work. Kathy expressed appreciation for this sentiment, and agreed that Jon would like a big thank you!
    4. Sources & Uses Budget
       Rosemary distributed copies of the revised Sources & Uses budget. She spoke with Bill Gessner regarding the number used for a possible sales increase. The 38% used falls in line with the typical 40-80% increase normally experienced. Rosemary distributed an updated bi-monthly budget. Two versions with both a loss and a gain indicated a 35% or 36% increase. John Thistlewaite appraised the current coop space. It was valued at $80,000-100,000, with price varying according to the intent of the buyer. It may be possible to sell 1126 as a package with 1113.
    5. Commercial Financing Update
       Jane Flint at Tower bank seemed willing to loan $300,000 to cover the period before the property would sell. Janelle expressed concern over selling all of our assets. As the coop will not own the Walgreen's building, Kathy advised investing in a money market account and using the interest to pay down the loan. A conversation about future use of 1126 Broadway was tabled until the next meeting.
    6. Marketing Beth Miller at HP is willing to do marketing for the coop at a reduced rate. Rosemary was on WOWO radio last week. Macy encouraged listeners to become equity members. Cathy brought up the idea of doing a press release.
    7. Report on Facility
       John has been working at the building with a temporary clean-up crew. All old records and cardboard have been removed. The architect has given two drawings. It should take him 80 hours for the project at $60 per hour. His drawings indicate the moving of the front door would require more space than originally drawn. The total cost of the project cannot be determined until the floor plan is finished.
  • Management Training Session-January 2003
    Carolee Colter, a cooperative consultant, has been hired to work on staffing issues. She will be in town beginning January 5th through 8th. She will interview staff and create a task force. She will determine how we use how we have for what we need. She will meet with the board on Wednesday, January 8th at 1:00.
    
  • Trip to Wild Oats
    Staff has a trip to Wild Oats in Indianapolis planned for Sunday, December 15th. John will be accompanying staff.
• New Business
  • Report on Holiday Art Fair and Granola Bowl
    Kathy commented on the Holiday Art Fair, held December 6 & 7 at the Granola Bowl. It was a great first event for the space and was well received by those in attendance. Around 60 people attended the Friday evening event. Heather thanked Kathy, Eldon, John, Joanne, and Steve for being present.
• Motion to adjourn made by Cathy and seconded by David. Vote passed unanimously.
  The meeting adjourned at 8:25 PM.
  Minutes respectfully submitted by Heather A. Grady.
  The next board meeting will be Monday, December 30 at 7 PM in the Granola Bowl.

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