We know that the news of the dissolution vote is disappointing to Apple Street Market supporters, below we provide some details to keep you informed about the process.
On September 19, 2021, Apple Street Market owners voted to dissolve the market. The vote was 27 in favor and 1 abstention. The vote was recommended by members of the board, who had previously voted to start the dissolution process.
Primary Reasons for Dissolution:
Apple Street Market lost access to a final, important source of funding from New Market Tax Credits in 2019 due to a changing tax environment. Soon after, Northside Engaged in Sustainable Transformation (NEST) opted to develop 4145 Apple Street into affordable housing. After an exhaustive location search, supporters of Apple Street Market could not find a path to open a financially viable worker- and community-owned grocery. The two viable locations in our area are not currently available for Apple Street Market.
Apple Street Market Funds:
Community-owner money, made available through loans and purchased memberships, was used in developing the project, completing the design, and securing construction permits. All funds from purchased memberships were used, while only part of funds from loans were used. Link to article: where did the money go
Apple Street Market has debts and liabilities that must be addressed. If we dissolve now, we can return loans that have been waiting in escrow for the project to start since February 2019. We can also pay back 10 to 20% of loans that were given before February 2019. These loans and that were used for expenses in opening the store.
We know this outcome is deeply disappointing to volunteers who worked so hard for such a long time to make affordable food accessible to the Northside and South Cumminsville area. Owners at the meeting expressed sincere appreciation to all who worked to make the project a reality, even after we lost our location.
-We are happy to announce that a group of volunteers is moving forward with creating a Buyer’s Club, which will allow area residents to buy food in bulk in order to reduce costs. For more information contact email@example.com
-The former Save-a-Lot store is now LGBTQ senior housing.
-We are glad to see that the Apple Street Market multi-stakeholder model—which combines a worker-owned cooperative with member ownership—is thriving in Dayton’s Gem City Market. Gem City Market brings affordable food and high-quality jobs to an area of Dayton with food-access challenges. Apple Street Market supporters shared expertise, a business plan, and other assistance to help Gem City Market open quickly. We wish Gem City Market continued success!
Notifying Apple Street Market owners of the dissolution
Notifying government agencies and bank
Ohio Department of Taxation
Ohio Bureau of Workers Compensation
Ohio Department of Job and Family Services
Hamilton County Treasurer
Ohio Secretary of State
Internal Revenue Service
Publishing notice of dissolution in a local newspaper