January 5, 2019
Dear Open Harvest Co-op Owner:
We have new, exciting plans to improve and enhance the store in 2019! These plans include a renovated deli area to improve customer experience; more in-store seating to allow for gathering of community; Also, an upgrade to a heating/cooling unit and a new vestibule at the front of the store to help with customer comfort and increase energy efficiency.
To that end, the Open Harvest Board of Directors approved a capital campaign to raise $200,000 in owner investments through preferred shares. Preferred shares are dividend-bearing investments in the co-op’s equity. Members can purchase these non-voting shares to build capital and equity for the co-op and in return, receive a competitive rate on that investment through dividends.
At our recent Annual Owner Meeting, owners voted to amend the bylaws in ways that allow the co-op to raise capital via preferred shares. Now we must take one more similar, yet crucial step and amend our articles of incorporation in order to provide dividends on preferred shares. The Board of Directors approved this amendment at its December 2018 meeting, and now your vote is needed to amend the articles of incorporation.
The Board recommends and requests your vote to approve the proposed amendment to the articles of incorporation. We also invite you to attend a special meeting of members at Mercy City Church (1430 South St.) on Thursday, January 24th at 5:30 p.m. where the official vote will occur. Enclosed is a mail ballot to either return to the store or bring with you to the meeting. After the vote, we’ll share more about the capital campaign, preferred shares, and our plans to keep Open Harvest thriving, inviting, and viable in an increasingly competitive market.
Please vote and join us on January 24th, and let’s grow our co-op together.
Megan Jackson, Board Chair
Open Harvest Board of Directors