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Board Minutes May 11, 2018

10 - 11:30 a.m.

Meeting Location: OEDIT Offices 1625 Broadway, Ste. 2700 Denver, CO 80202 Present: Kimberly Bailey, Mark Bolton, John Bristol, Michelle Claymore, Tammy Fields, Kelly Flenniken, Barry Gore, John Hall, Sandy Head, Kittie Hook, Tara Hosick, Johanna Jamison, Stacy Johnson, Drew Kramer, Jonita LeRoy, Laura Lewis Marchino, Rachel Lunney, Meridith Marshall, Kristi Pollard, Scott Prestidge, Wendell Pryor, Jeremy Rietmann, Jeff Shaw, Ryan Stachelski, Greg Thomason, Kim Woodworth

Guests Present: Erin Lyng, Progressive Urban Management Associates

I. Call to Order Meeting was called to order by vice chair, Tammy Fields

II. Approval of the April 13, 2018 Board Meeting Minutes

VOTE: John Hall made a motion to approve the April 13, 2018 meeting minutes, Laura Lewis Marchino seconded. All approved.

III. Approval of the April Financials

April 2018 Monthly Financial Report: (Accrual Reporting) • Balance Sheet:

- Total assets and liabilities - $174,989 • Income Statement:

- Total income – $28,966 - Total expenses – $21,140 - Net income from operations – $7,826

YTD 2018 Financial Report: • Balance Sheet:

- Total assets and liabilities – $174,989 • Income Statement:

- Total income – $102,260 - Total expenses – $46,317 - Net income from operations – $55,942

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VOTE: Kelly Flenniken made a motion to approve the April Financials, Kittie Hook seconded. All approved.

IV. Presentation by Progressive Urban Management Assoc. (Presented by Erin Lyng)

We heard from Erin Lyng with Progressive Urban Management Associates regarding the Colorado Fresh Food Financing Fund. The Colorado Fresh Food Financing Fund (CO4F) provides low-interest loans and a limited number of grants to support activities and businesses that improve access to healthy food retail and remove barriers that prevent Colorado's underserved populations from obtaining healthy food. Funds can be used for:

• Business start-up and expansion costs • Opening a new store • Keeping a store open under new ownership • New or upgraded equipment and displays • Land assembly • Developing an innovative business concept

Although priority will be given to supermarkets, grocery stores, and food delivery systems, innovative methods of delivering healthy food may also be considered. Examples include:

• Farmers markets • Farm stands • Mobile processing and delivery units • Co-ops • Buying clubs • Convenience stores and food kiosks • Other food delivery systems

Eligibility Applicants must be a private or public entity or individual with the ability to incur debt, who can demonstrate at least 3 years of retail grocery business experience or other applicable business experience or can otherwise demonstrate experience and capacity to successfully implement and carry out a viable business enterprise. Eligible projects must be located in an underserved area that primarily serves a low-to-moderate-income (LMI) community. Amount of funding: Maximum loan: $1,500,000

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Organizations that create new retail models and serve difficult-to-reach customers may be awarded up to $50,000 in grant support. Grocery stores and other established food retail models may be offered up to $100,000 in grant support to fill a financing gap. Loans will be made when conventional financial institutions either do not offer financing, or the conventional financing offered is insufficient or on terms that are a detriment to the feasibility of the project/business. Business operators and site developers will be required to have cash equity at risk in addition to the financing offered in this program. Application process A link to the pre-application form is available on the program website. Completed pre-applications should be emailed to CO4F@pumaworldhq.com or faxed to 720.638.9089. Program staff will invite applicants to complete full loan or grant applications if selected.

V. Drive Lead Succeed Conference Committee Update (Reported by Kelly Flenniken and Kittie Hook, committee co-chairs)

• Sponsorships are starting to come in. Thank you to those that have sponsored already! • The agenda is starting to take shape. We are now asking speakers to participate • EDIE Awards: in response to the survey, attendees wanting more time to connect with

one another and it has been proposed to change the EDIE Awards lunch to a cocktail party. We can incorporate the Awards into the cocktail party. Several board members weighed in with positive reactions. This will move forward

VI. Regional Forums Update (Reported by Kim Woodworth)

Region 3: Final Report Financial:

• Income: $13,040 • Expense: $9,886 • Total Net: $3,154 • % to2018 Goal: 43%

100 Guests and 15 Speakers

• 48 Members • 58 Non-Members • 3 Elected Officials

Attendees came from the following counties/municipalities: Arvada, Aurora, Boulder, Broomfield, Delta, Denver, Fort Collins, Fort Morgan, Greenwood Village, Henderson, Lakewood, Littleton, Longmont, Loveland, Parker, Silverthorne, Thornton, Westminster, Windsor

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Media:

• 2 Media Hits; Biz West: https://bizwest.com/2018/04/25/northwest-front-range-economy-strong-but-headwinds-exist/?member=guest

• BizWest Editorial: Editorial: Economic-development groups should resume merger talks: https://bizwest.com/2018/05/02/editorial-economic-development-groups-should-resume-merger-talks/?member=guest

Twitter:

• #EDCCEvents campaign launched on March 26, highlighting our agenda items and speakers

• 15.6 total impressions HUGE! We normally only get 5k • 421 visits • 21 Mentions • 15 Net new followers

Facebook:

• Post press release post on April 19 by Kim Woodworth - 34 people reached • Final Agenda Announced posted on April 9 by Kim Woodworth – 63 people reached

Press Releases:

• EDCC HOLDS REGIONAL ECONOMIC DEVELOPMENT FORUM HIGHLIGHTING THE NORTHWEST FRONT RANGE - More than a quarter of Colorado’s jobs come from this region that is only 6% of the area of the state, Submitted April 27, written by Caroline Joy, City of Westminster

Region 11: will be held on July 11 at the Clarion Inn & Suites in Craig CO Working to deploy the steering committee:

• Christina Oxley, Craig Chamber of Commerce • Michelle Balleck, Craig Moffat EDP • Katelin Cook, Rio Blanco County • John Bristol, Steamboat Springs Chamber & Resort Assoc • Mike Langhorne, Rifle Regional EDC • Robin Brown, Grand Junction Economic Partnership • Bonnie Peterson, AGNC

Region’s 1, 5, and 6 set for March 2019 Region’s 8, 13, and 14 set for June 2019 – Action 22 reached out on behalf of Charles Bogle/Custer County’s recommendation

VII. Operations Director Report (Reported by Kim Woodworth) Administrative:

• Collected payments for membership and sponsorship payments

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• Working to connect with Manufacturer’s EDGE on the EMSI Manufacturing Report • Working to coordinate the first call for EMSI Manufacturing Report

Communications: • Regional Forum E-vite: 4/9, 4/16, • PPC Updates: 4/3, 4/12, 5/7 • Economic Development Week Announcement, May 7 - 12: 4/10, 5/1 • Joint Press Release on 5/7 • Meridith and I were interviewed by Alex Hopkins with Connect & Collaborate: 5/9 which

aired on Denver’s Money Talk 1690. The did their own #ColoradoCollaborates celebration by interviewing economic development organizations around the state

Outreach: • Met with Fruita Chamber of Commerce with their new Exe. Director, Jennifer Seal

(member outreach) • Union Pacific Rail Road to discuss future Economic Development program – those in the

meeting: Sam Bailey, Metro Denver EDC, Yuriy Gorlov, Aurora EDC, Karen Gerwitz, World Trade Center, Representatives with CDOT and UPRR, Meridith Marshall, OEDIT

• Met with Laraine Saldivar with Bryan Construction (potential member) VIII. Committee Updates

Communications Committee: [Kristi Pollard, committee chair, reported] • The committee has not officially met since the last meeting. We are to meet this next

Monday. With that said we do have a few updates. • We are sad to mention that Allison Trembly has resigned from the committee. She was

the integral part to elevating our social media campaign. We are going to miss her tremendously! We will be identifying a new member who will take this over at our next meeting.

Data Committee: [Meridith Marshal, committee chair, reported] Goals for the committee:

• Connecting members to data, resources and tools • Providing updates to changes or updates in the latest data reports • Serving as a concierge in data interpretation

Committee is currently working on” • Data workshop for 2019, we will have the top economist around the state be in

attendance. The goal of this workshop is for attendees to bring their laptops and economist help the attendee work through real life scenarios going on in their communities

• DLS Conference presentation on data – more to come on this piece • An email was sent out to board members this past month regarding the elimination of

the Sales Tax Information which went away in 2016. This originated with Brian Lewandowski with CU Leeds School of Business, who also sits on the data committee.

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We are looking for a board member to attend this workshop and report back to the board on the outcome of this meeting. Anyone who is interested, please contact Brian at brian.lewandowski@colorado.edu.

Professional Development Committee: [Kim Woodworth, Operations Director, Reported]

• BASIC – Registration is going very well, we have 30 signed up so far and the classroom can only hold 43. If you have anyone that wants to register now is the time to do so. Also, we do have scholarships available for anyone who needs it.

• Mentorship Committee just met a few days ago. This committee is comprised of Stewart Meek with the City of Littleton and Stephanie Trollar with the City of Westminster. We discussed next steps for the program. An email to mentors/mentees will be going out in a few weeks that will remind mentors/mentees and have their 3 connections for the year.

o The other update is we discussed hosting a dinner vs a breakfast for the 2018 Drive Lead Succeed Conference. This was a survey item which we are addressing. The dinner will be held the first night of the conference.

Public Policy Committee: [Ryan Stachelski, Committee Chair, Reported]

• The Legislative Session closed this past Wednesday. The committee held its last bi-monthly committee meeting for the session.

• A final report written by Jenn will be emailed to members next week. • This session was a calm session for us. There wasn’t a large amount of Economic

Development bills that came up like last session. • The most notable bill that EDCC supported was the transportation bill SB18-001. It was

the first to be introduced and the last to be voted on. It did pass in the final hours. It is subject to ballot provisions later this year. It will be up to the Denver Metro Chamber to gauge whether there should be a sales tax increase to support a dedicated funding source for this bill.

• This is Ryan’s last year of chairing this committee. We are looking for a candidate to take over for next year.

• Working on participating in the Drive Lead Succeed Conference looking at issues that will be on the ballot and how we respond to them

IX. Other Items

Strategic Plan Update: [Tammy Fields, Vice Chair, Reported] Executive Committee has been working to revise the Strategic Plan. We will be sending it out to the full board to read through. We are looking for your feedback on any major flaws or pieces that we may be missing. Once we get final approval from the board, we will then send it out to the committees to do their portion – Action Plans for the year. We should have this finalized by June or July at the latest.

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X. Adjourn • Tammy Fields adjourned the meeting at 11 a.m. • Next meeting: June 8, 2018 at Colorado Office of Economic Development & International Trade,

1625 Broadway, Ste. 2700, Denver CO 80202 from 10 – 11:30 a.m. Materials Attached: Collateral from PUMA’s presentation

• CO4F_CustomerProfileV2 • CO4FFactSheetOverview

example businesses supported by CO4FThe Colorado Fresh Food Financing Fund (CO4F) is a loan and grant fund that exists to support grocery stores and other forms of healthy food retail in underserved communities throughout Colorado. This statewide fund is anticipated to leverage $20 million in investment and improve food access for Coloradans.

Abarrotes Bondadosa, DenverFinancing: $50,000 (Loan & Gap Grant) Fund Use: Innovative Retail Concept

In 2017, Denver Food Rescue (DFR) launched a social enterprise grocery delivery service called Abarrotes Bondadosa (Goodness Groceries). CO4F loan and grant funds allowed the organization to procure refrigerated delivery vehicles for transporting items from grocery wholesalers to their customers.

• DFR is one of only five grocery delivery services in the nation to serve people of advanced age and people living with disabilities who receive Supplemental Nutrition Assistance Program (SNAP) benefits.

• Additional contributions from the Denver Office of Economic Development and Gary Community Investment Corporation helped to make this innovative project possible.

Farmers Fresh Market, IgnacioFinancing: $408,000 Loan Fund Use: New Construction

When Ignacio’s only grocery store closed in 2014, two local families sought support from CO4F to help finance the construction of a new store and bring fresh food back to their community. The new 22,000 square foot store was constructed on the site of the former store.

• Before the store opened, residents had to drive 10 miles to the nearest store for fresh foods and groceries.

• The store supports more than 40 jobs.

Redd’s Mercantile, NuclaFinancing: $328,000 (Loan & Gap Grant) Fund Use: Retention & Upgrades

Funding was critical to restore Nucla’s only grocery store, built in the 1950s, when the Redd family purchased it in 2008. CO4F enabled the business to refinance initial renovation costs through a loan and gap grant. With a new roof, modern refrigeration equipment, and expanded product selection, customers now have access a wider variety of fresh food products.

• Without Redd’s Mercantile, residents would have to travel more than 20 miles to the nearest full-service grocery store.

• Since renovations, the store’s sales have increased by 10 percent and the business has reduced its energy costs by about $1,000 a month.

Erin Lyng P.U.M.A. 720.519.0535 CO4F@pumaworldhq.com

Tim Dolan CHFA 303.297.7318 tdolan@chfainfo.com

02.18.v2

A: 1981 Blake St. Denver, CO 80202, 800.877.2432 or 303.297.2432

partners

A: 1981 Blake St. Denver, CO 80202, 800.877.2432 or 303.297.2432

fact sheet overview

encourage retail/ distribution innovation

•increase access to healthy food

•spur economic development

fund descriptionThe Colorado Fresh Food Financing Fund (CO4F) is a public-private partnership loan and grant fund created to finance grocery stores and other forms of healthy food retail in underserved communities throughout Colorado. This statewide fund is anticipated to leverage $20 million in investment and improve food access for Coloradoans.

goals• Improve retail access to fresh and healthy foods

• Encourage economic development in low- to moderate-income neighborhoods

• Provide attainable financing to food retail outlets that will promote more and better food access

• Partner with local governments when possible to enhance the benefits and success

• Develop a Colorado model based upon national best practices

project eligibility• Increases fresh food access in

underserved markets

• Low- and moderate-income customer base

• Operator demonstrates business capacity

• Provides economic development benefits

example uses• Develop new grocery store projects

• Open new grocery stores in existing buildings

• Upgrade equipment or energy efficiency of existing stores

• Keep existing stores open under new ownership

• Support innovative fresh food business concepts

financing available• Loans up to $1.5 million

• Favorable and below-market interest rates and terms

• Limited grant funding

get started• Contact CO4F for questions or assistance

• Complete the one-page pre-application form

• Quick and streamlined review process

Please note that this flyer is only an overview of the program and does not cover all program details.

For additional information visit www.chfainfo.com/co4f.

Erin Lyng P.U.M.A. 720.519.0535 CO4F@pumaworldhq.com

Tim Dolan CHFA 303.297.7318 tdolan@chfainfo.com