The Madison Public Market (“MPM”) seeks to engage investors, funders, and partners to grow the local food economy in Madison, Wisconsin into a vibrant, inclusive enterprise focused on generating economic opportunity at a regional scale. Hope Community Capital has been working with the City of Madison since June of 2016 as its advisor in the sourcing, structuring, and closing of $15 million in New Markets Tax Credit (“NMTC”) allocation. The project is scheduled to close in Q3 2020 and open for business in fall 2021. Beyond NMTC equity, the project includes City funds (committed) and privately raised capital campaign proceeds.
The Market presents new business opportunities for women, immigrants, people of color, and others while generating additional economic demand for local food. To support future Market vendors, the City of Madison launched its innovative MarketReady program in 2016. The program is aimed at providing technical assistance and financial capital (grants and loans) to those who dream of starting a food-based business but face barriers to capital and start-up business support services. Thirty entrepreneurs have been selected for the MarketReady program, more than ½ of which are low-income residents and people of color.
MPM has been a multi-year effort that has engaged thousands of community members. The Project is included within the City’s 2020 Capital Budget, and is identified in several city plans including the Capital Gateway Corridor Plan, the Emmerson East/EkenPark/Yahara Neighborhood Plan, and the City’s Comprehensive Plan. The City completed the City’s Racial Equity Impact Analysis of the project in 2015 and is updating that analysis this year. A combination of City Staff, appointed members of the City’s Public Market Development Committee, and community leaders with the Public Market Foundation are collaborating on the efforts to complete the project.
Hope Community Capital is pleased to be consulting with the City of Madison to source, structure, and close $15 million in NMTC facilitated-financing of what will surely become one of Madison’s most inclusive, iconic and beloved places. Please reach out to Carrie Sanders at firstname.lastname@example.org for more information about the NMTC investment opportunity. The project is seeking $15 million in NMTC allocation and there is a potential for a source lender to bridge the capital campaign proceeds.