The owner has decided not to renew our lease when it expires at the end of 2018. Fortunately, we received a generous bequest from the estate of Max and Ginger Kane, which allowed the AIFC Board of Directors to contemplate creating a permanent home. Click Here for the Press Release.
The Building Committee determined that the new facility should be of similar size to our existing space, with a target of 4,700 – 4,800 square feet. Renting a new place to lease was considered but rental rates are 1.5x – 2.0x our current rent. Owning will cost less over the long term.
During a four-month period, the committee reviewed existing buildings and vacant land. Only a few existing buildings sized to our needs have been available and in all cases, the combination of purchase price and retrofit costs needed was 30-50% above our total project goal. Twenty vacant parcels were reviewed, with three actively considered for acquisition.
In January, AIFC purchased a one half acre parcel at 1788 Auburn Ravine Road. This is located outside the Auburn city limits with easy access to Interstate 80. An Auburn Transit bus stop is within 50 feet of the property. Preliminary project estimate, including the land purchase, are $1,100,000 - $1,150,000.
AIFC now plans to raise $300,000 through our AIFC Home 4 Us Capital Campaign. Twenty-five friends of the Food Closet have pledged $75,000 to initiate the campaign. This includes the first ever award from 100+ Women of Placer County, an organization that supports causes within Placer County. Click Here for Press Release
In March, 2018, AIFC launched of the Home 4 Us Capital Campaign. The immediate goal is to challenge the community to donate an additional $150,000 – doubling the amount donated by the seed group.
AIFC needs your support to bridge the gap.
Any donation – big or small – will be very helpful.
AIFC received pre-approval from the United States Department of Agriculture to apply for a construction loan, and both parties are working on completing all steps to receive final approval. The likely loan amount, combined with the Kane bequest and additional money in our bank, should cover 75% of the total project cost.
Initial drawings of a 4,732 square foot building and required parking are under review by the Placer County Planning Department.