cincinnati fresh food retail financing fund. today’s presentation background detailed response...

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