cincinnati fresh food retail financing fund. today’s presentation background detailed response...
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Cincinnati Fresh Food Retail Financing Fund
Today’s PresentationBackgroundDetailed Response to Motion
Rationale: Why a FundNeed in Cincinnati: Supermarket Sales,
Income, and HealthStructuring a FundHow much is needed?
Questions
Background City’s Food Access Task Force Appointed 2009 2010 Taskforce Report to City Council 14 Recommendations - 3 Goal Areas
Improve Access to Healthy Foods Provide Transportation Options for Low-Income
Residents with limited Access to Healthy Foods Raise Awareness of the Importance of Healthy
Eating
Motion from City Council
Rationale: Why a Fund
Ohio has the 13th highest rate of adult obesity at 26.9% and the 12th highest rate of youth obesity at 12.5%.
A number of states, in addition to the federal government, are initiating projects modeled on the Pennsylvania Fresh Food Financing Initiative.
Increase access to fresh foods in traditionally underserved communities
Provide quality employment opportunities in these neighborhoods.
Serve as a catalyst for neighborhood revitalization
Goals of the Fund
Identifying Areas of Greatest Need
How could a fund operate?
Center for Closing the Health Gap
Cincinnati Development FundCity of CincinnatiOhio Grocers AssociationBrandt Retail GroupPNC Bank
Partnerships
How Much Is Needed?
Asking City of Cincinnati make an initial investment of $15 million ($5 million/year over the next three years) to seed the fund.
Money will be granted to a qualifying CDFI which will leverage these dollars 2:1 for a total public private fund of 45 million.
City Investment: $5 mil/year for next 3 years
Based on PA data projects on average received $1.4 mil.
Currently there is a grocery gap of 10 stores in Cincinnati. This investment will close the gap.
What will $15 million do?
Additional Recommendations
Prioritize food retailing; expedite the opening of new stores.
Employ up-to-date and data-driven market information that highlights unmet market demand for food to the supermarket industry and real estate developers.
Additional Recommendations
Create economic development
Safe, affordable and efficient transportation services
Give priority to assembling land for supermarket development
Additional Recommendations
Encourage green supermarket development and renovation
Establish a single point of contact
Convene an advisory group of leaders from the industry and civic sector
Additional Recommendations