Hampden Park Co-op to Purchase IOOF Building

On July 29, Hampden Park Co-op and the Minnesota Grand Lodge of the Independent Order of Odd Fellows (IOOF) signed a purchase agreement for the building we have occupied for many years on Raymond Avenue. The co-op has been interested in purchasing this building for years, but the opportunity, when it arose, came suddenly. The IOOF has decided it is to their benefit to sell; they asked us to make a purchase offer when they offered us a lease for the former Parkview Café space in April.

The IOOF is a charitable nonprofit, and thus our rent has been low for many years. The board and management realized we must take this opportunity to secure our future and purchase the building now, at a reasonable price.

The purchase agreement is contingent on a building inspection and our ability to obtain financing. Depending on circumstances, we have between seven months and one year to close. We are working towards obtaining a mortgage, but will need considerable cash to complete the financing. Much of the financing will come from you, the co-op members and local community, through member loans, stock purchases, and donations. Please watch for more information on this very soon.

Very conservative fiscal management through the years means the co-op has substantial cash reserves and little debt. However, cash reserves will be largely depleted by the renovation in the former Parkview Café space. This project needs to be finished quickly, to generate increased sales out of our new space. We will then need additional cash to complete the purchase of the building, and supplement several years of likely operating losses due to the expense of owning a building: the mortgage, increased tax assessments, maintenance, utilities, etc.

The board and management are aware of our role as a community institution, and we enter this phase of our business with excitement, a little trepidation, and a strong sense of responsibility to our members, shoppers, and community. We encourage you to consider an active role in the governance of your co-op.

There will be at least two openings for new board members this fall, to be elected at our annual member meeting in November. We need talented, dedicated leaders for our organization. Board members can confirm that the work is hard, but the contribution to the community is tangible. Feel free to speak to any board member if you or someone you know might be interested. We also encourage you to speak to any one of us about your interests or concerns regarding our co-op.

Thank you for your continued support.

Hampden Park Co-op Board of Directors: Jay Dregni, Karen Gill-Gerbig, Marcia Hanson, Matt Hass, Nicolet Lyon, Sarah Matala, Gregg Richardson, Roseanne Rivers, and Lisa Scribner.