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Stage Model: SEED STAGE
Dallas Farmers Market trust
Blair Black, Director of Operations DFMT firstname.lastname@example.org 214.724.3415
Dallas Farmer’s Market Trust seeks to take over operational management of the Dallas Farmer’s Market through the creation of, a new Public-Private Partnership with the City of Dallas. Our mission is to create a vibrant epicenter for the sale and distribution of locally produced fresh food and artisan food-related products. We will create an environment with aesthetic ambiance, quality restaurants, live entertainment, art, and Texas culture on display, and serve as a catalyst for building the food-related economy in North Texas by supporting producers and building demand for products through consumer education and experience.
Description Today the Dallas Farmer’s Market (DFM) is a department of the Convention and Visitors Bureau of the City of Dallas. Over the last decades, there has been a sharp decline in the number of local farmers and patrons at the DFM. This is reflected in the financial performance of the market, the subsidies funded by the taxpayers, and the overall condition of the venue. Dallas Farmer’s Market Trust (DFMT) intends to bring new investment, specialized management, new ideas and a new energy to the market. This is best accomplished by a public-private partnership utilizing best practices identified in similar venues around the country. The DFMT will begin to generate revenue once we take over operations of the DFM. We will immediately execute cost cutting measures and implement viable business operations under a hybrid for-profit/non-profit structure. We will partner with United Commercial Reality to handle all leasing in the market, and also bring on Good, Fulton & Farrell Architecture group to assist in overall layout of the market. This will all help to create a destination for local sellers and consumers, visitors and Dallasites alike as an epicenter for downtown Dallas. Investment Opportunity The privatization bid is pending before the City of Dallas. Upon approval and transfer of control, the DFMT will enter a capacity building phase seeking donations and sponsorships. Initially $350,000-500,000 will be required to revamp the operations by upgrading technology, security, communications, and addressing staffing changes. Within the first 36 months there will be opportunities for facility improvements related to infrastructure. Finally, aesthetic improvements will make the market a final product with the appeal and character North Texans expect. Programs addressing community wellness, the food system and food access, education or other services requested by non-profit organizations may require ongoing philanthropic support.
Need for Change
Opportunity for Social Impact
North Texas diets, diet related health issues, access to fresh food, and the local food culture in the area are among the worst in most national studies. DFMT has the opportunity to be a catalyst for change in health, nutrition, awareness and education in our community. To do this we need to create a healthy farm economy and demand, and an enjoyment of local fresh produce coupled with new skills for both small food enterprises and local home cooks and chefs. Most importantly we need an appreciation for the joys that come from a lifestyle of health in relation to our food.
We have an opportunity to apply the benefits of a strong public/private partnership that has been shown to work in other cities, while further developing our capacity for these kinds of ventures in our own. The DFM can be a success, similar to the Dallas Zoo and the Arboretum. Citizens and visitors will benefit from this food community in the heart of downtown. Fresh food can reduce rates of obesity, diabetes, and heart disease in our community. Encounters between farmers and citizens, education programs, lifestyle changes will help build interest in local farms and related industries and hopefully inspire and create demand for more farmers and producers. Familiarity with fresh food and farms and where food comes from results in people taking more responsibility for the choices they make in what they buy or decide to produce in their own backyard. Lower cost fresh food available more abundantly downtown, which is accessible by DART, can offer an improvement in food availability to our food deserts. Meanwhile a more vibrant food economy can result in smaller local markets located in different areas of town that will help to build a culture of healthy, organic foods for all communities and groups to enjoy.
Community demonstration kitchen will be available for cooking classes to visitors and local culinary schools. Spaces will available for non-profit groups, green and environmental groups, special events, chili cook-offs, concerts, health screenings, health studies, movies and much more. Workshops for farmers and consumers will build production and business skills and create more demand for local foods. Building the brand of local food in general for DFW area and North Texas with local farmers and artisans.
The DFM has seen average historical losses of around $850,000 or more a year over the past few years of operation. The city is currently subsidizing the market with substantial annual losses. The market has seen the number of vendors and farmers also decline through the years. In 1980 there were over 2,000 farmers and farm families bringing their good to the Data 2009 2010 2011 2012 Kids Campus Sites 3 5 9 13 market, currently there are less than 90.
At-risk students served annually 141 182 350 530 Volunteers 32 40 50 60 Annual over 32,000 farms and 119,737 230,265 There are Tutoring Hours (657.9 per child) farmers currently in the North Texas area. 92,763 are also over 3,000 registered 368,424 There organic Healthy Snacks Served Annually (153) 21,573 27,846 53,550 85,680 farmers currentlySnacks &state of Texas. We see that there are more than enough local farmers and vendors that can be a in the Lunches Served Annually(80) Summer Healthy 11,280 14,560 28,000 44,800 In-kind Dallas Donated Support 177,000 199,000 224,000 249,000 part of theCommunityFarmers Market in the future.
Proven Social Impact
Farmer’s Markets help bring life into towns and cities aiding regeneration. They encourage social interaction particularly between rural and urban communities. They stimulate local economic development by increasing employment, encouraging consumers to support local business, and thus keeping the money within the local community. They attract business to retailers in the vicinity. In a 2002 survey of over 800 customers from a variety of indoor and open-air markets around the country, PPS discovered that 60% of market shoppers also visited nearby stores on the same day; of those, 60% said that they visited those additional stores only on days that they visit the market.
- Annual Budget projected: $1,780,000 - The annual losses over last 3 years are an average of $840,000 - The DFMT is asking the City of Dallas for a subsidy of $640,000 the 1st year, $450,000 in years 2-3 and $250,000 for years 4-5. We are looking for investors to help champion our cause by donating for naming rights of our four individual sheds and also the market itself. This will help us to be able to begin management of the market with funds raised and to also upgrade and make the sheds viable for future business and commerce along with infrastructure of overall market. Our proposal will eliminate the city subsidy over five years as we become profitable at that time. Past and Future Growth Plans Our model has a huge growth curve once we get control of the farmers market and see exponential increases in numbers and revenue at that time. The DFMT has projections that will lower costs year over year by at least 20%, and concurrently see a growth in revenue from shed rentals, private events and movies/concerts of over 23% starting in the 2nd year of our 5 year contract.
Current Annual Budget: $1,780,000
Revenue streams for 2010:
All based on rental incomes from vendors and wholesalers currently at the market along with special events at the market. .
Foundations and Collaborations Foundations & Collaborations:
Baylor Hospital Foundation North Texas Food bank The Family Place Minnie’s Food Pantry Downtown Partnership
Moving forward the DFMT will be raising money in our non-profit company to fuel the for-profit operational management company.
Ways to Invest
If we get investments for this project our main focus of that money will go to the operational management of the DFM. We will use that money to help staff and run the market according to the plan we have. These monies will also go to help update and rehab the existing structures that are currently in need at the market, and will improve overall market aesthetics. This will help to make the market the attraction it once was, and even better.
Ways to Invest - In-Kind
- Community service related programs sponsored by non-profits relating to local food and agriculture, health and nutrition, and any philanthropic groups. - Aesthetic donations pertaining to lighting, landscaping, water elements, sculptors, stages, tents and other special events venues.
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