Announcement Regarding Baker Food Co-op’s Property on 10th Street.

Regarding Baker Food Co-op’s Property on 10th Street.

March 21, 2018

The Baker Food Co-op’s Board of Directors unanimously agreed to seek approval from the Baker Food Co-ops member-owners to pursue a Voluntary Foreclosure on our property on 10th Street, Baker City, OR. At our Annual Meeting on April 17th, we are asking members to vote for this decision. The outcome of this election will be decided by a majority vote.

The Co-op membership approved the purchase of the property in 2009, with the intent of building at the location. In 2010 the Co-op moved into our existing location and purchased the building in 2014. The property has been on the market for sale since 2013. To date, the Co-op has paid in excess of $20,000 in both principal and interest payments on the property. The remaining balance of our loan is $98,429.

Through the years there has been very limited interest and no formal offers to buy. Continuing to carry the responsibilities of this debt has become detrimental to the long-term economic health of the Baker Food Co-op. Even if the property was to sell, which appears unlikely in the near future, we feel there is little hope of recouping our initial investment and would still incur a substantial loss. It has reached a point where we feel it is crucial to minimize further losses.

We find ourselves in an undesirable position and this was not an easy decision to make. The Board of Directors feels it is unavoidable at this time and not to approve this request could impact the future of the Baker Food Co-op. To be clear, once a formal request for Voluntary Foreclosure is made, it is not a sure thing. The final decision rests with our creditor.

The Board of Directors recommends that our member-owners support this request during our annual elections on April 17th. This is a very important issue for the future of the Baker Food Co-op. Please vote.

Dennis Winkler, President of the Board of Directors