Frequently Asked Questions
When will the market open?
How much does it cost to be a member?
How many shares may an individual purchase?
Can other members of
my household shop and get member discounts and specials?
Is the market a
non-profit corporation?
What benefits are
there to membership?
Where will the store
be located?
What will happen to my
money if the store does not open?
What products will the market sell?
Can anyone shop there
or just members?
Why is the market
incorporated in Minnesota?
What can I do to help?
Why do you charge a
one-time membership fee of $200 instead of an annual membership fee?
Does the market have any bylaws?
Do you accept loans from individuals?
Due to the current economy, we now plan to open a smaller store than originally planned in the fall of 2010. We have revised our business plan, are presently working on a lease agreement and raising the necessary funds.
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How much does is cost to be a member?
Shares may be purchased currently either by a one-time payment of $200 or four $50 quarterly payments plus a $10 administrative fee. There are no annual fees.
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How many shares may an individual purchase?
Each member may purchase up to 20 shares! Click on the Membership Application link at left for an application or to pay by Pay Pal.
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Can other members of my household shop and get member discounts and specials?
Yes, any member of your household can receive member discounts.
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Is the market a non-profit corporation?
Yes, the market is a non-profit cooperative corporation. However, we are not a 501c3 and buying a member share is not a charitable contribution.
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What benefits are there to membership?
In addition to being a member-owner of a local business,
there will be member specials, a newsletter, and an opportunity to run
for the
Board and serve on committees. While
there is no guarantee, eventually members should receive patronage
refunds,
which are essentially a portion of the market's profits returned to the
members
based on their use of the market.
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Where will the store be located?
We are presently working on a lease agreement, and will post that information as soon as the lease is signed. We are looking at a West End location by the Farmers Market.
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What will happen
to my
money if the store does not open?
If the store does not open, according to our bylaws the members will meet to determine what to do with the assets. Most likely the assets will be distributed to members after our obligations have been paid off.
However, the initial market study was very positive on
projected annual sales and the local area demographics.
The Board of Directors is spending the funds
conservatively, and looking for grants and other opportunities to raise
funds
and demonstrate community support.
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What products will the market sell?
The store will be a full service grocery store highlighting natural and organic foods, frozen, dairy, local and organic produce, bulk food, cruelty-free health and beauty aides, natural and organic supplements, organic and specialty beer and wine, unique and gourmet foods, olives, cheeses, ethnic selections, gluten-free items, protein alternatives, etc. Our major focus will be local produce and other local products.
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Can anyone shop
there
or just members?
While anyone can shop at the market, only members receive
the member benefits.
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Why is the market incorporated in Minnesota?
Minnesota has great cooperative law that is not available in
Arizona. This allows us to sell shares of stock, and this is how we
will raise
a portion of the funds necessary to open the business.
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We need members so we can open this store. You can help by talking to your friends and neighbors so they will get excited about having this store in the community. You can also help by signing up to do public speaking at churches and service groups, manning our booth at the Farmer's market, help with mailings, etc. We also will need volunteer help to open the store, and after the store is open to paint, stock shelves, etc. Please call or send an e-mail if you can help in any way.
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Why do you charge a one-time membership fee of $200 instead of an annual membership fee?
The primary reason for the $200 fee is
to raise money to open the market. The
one-time fee rather than annual fees also reduces long term
administrative
expenses.
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Does the market have any bylaws?
Bylaws were approved at the First Annual Member Meeting on May 12, 2007, and were revised at our last annual meeting on March 23, 2010.
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Do you accept loans from individuals?
We have the ability to accept loans from members.
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Last updated: April 21, 2010 by sff
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