EDA Meeting Date: November 27, 2023
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Anna Watson, Economic Development Associate
Title
Introductory Presentation from Mercado Local
Body
Action Requested:
Make a motion directing staff to explore future partnership and/or funding opportunities.
Summary Report:
The Mercado Local is a Northfield-based organization that hosts markets centered around Latinx vendors, as well as providing networking opportunities and entrepreneurial skills training. In previous years, the Mercado took advantage of temporary spaces in order to provide services and events, and is now entering a new phase of growth with hopes to provide more consistent services. In 2023, the Mercado received private support to fund a lease for the building at 108 5th St E. By having a central brick and mortar storefront as the home of the Mercado Local, the organization anticipates more frequent opportunities for vendors to conduct business, as well as more foot traffic.
The Mercado Local has outlined several potential revenue generating strategies, but wants to keep vendor fees to a minimum. With the first year of its brick and mortar operations funded, the Mercado is looking for partnerships that will help cover the lease and associated costs in future years so that their current model may be sustained. In October, the Mercado invited City staff to tour the new storefront and meet the vendors, several of whom are attending the November EDA meeting.
Alternative Options:
N/A
Financial Impacts:
TBD
Tentative Timelines:
Staff explore potential partnership models - early 2024