Final report.

Good evening, Mayoria Putty, Council.

It's pleased to be here before you to share results on the year-long study with new venture advisors.

And I want to just start just by thanking some of our stakeholders who are here this evening and who share in the credit for the good work done under this contract.

Some of these folks contributed first contributed to the project four years ago, and we're so grateful for their continued involvement.

Maria Anteberos from Ricado on Fitz can be here because it's her son's first birthday party tonight.

So Dave Harrell from Business Wednesdays is here, Ann Frederic's from Western Illinois Small Business Administration Office.

Missy Carter from the Great House Farmers is also here, and Samantha Wright from Palmaris Social Justice Center may still be writing.

So we are super grateful for their.

The box at the right hand of the slide shows just a summary of the different types of their work from their website.

And I think the thing that we took note of really is that 50 through processing and kitchen incubator type facilities they've done studies for and tried to gotten those off the ground.

And then I guess just overall, after her presentation, I would encourage you to explore her knowledge of this project, what she learned in our community and what our stakeholders need and how and why other similar markets succeed or fail.

And you'll see she's given us a lot to think about.

So I want to close by just saying thank you.

We ended we intentionally conducted this work under the banner of MKSK's Riverfront Master Plan because it's potential for a project like this to be an anchor for the riverfront area.

MKSK conducted the circulation studies and completed the renderings that you'll see at the end of New Year's presentation.

And finally, I want to recognize and thank the new rolling board of directors who funded part of this study with reserve funds from reinrolling.

I also want to thank the John Deere Foundation for providing 100,000 contribution and a vote of confidence to complete this study.

And finally, I'd like to thank Mayor Raipati and Administrator Vitas for allowing us to evaluate the potential of this building and for your support and time in working through the project details and the deliverables that you'll see today.

So without further ado, I will introduce Ian McCarthy from New Venture Advisors.

Hi, good afternoon.

Hello everyone.

I'm excited to be here with you today.

This is, as Alex noted, been a multi-year process where we've helped to reevaluate the studies that we've done in the past or to really explore this as a public market concept and its fit to your community.

As you said, my name is Amber Carbon and the senior director at New Venture Advisors.

I've worked with this firm for about seven years.

My focus and background is in operations and infrastructure.

NBA is a food system specific firm.

We look specifically at food projects, system and policy across the country, and at infrastructure and development and strategy projects across the country.

There's been retail and consumer analyses done.

But one of the things that NBA firmly believes is that as you start to put together a structure and a facility plan like this, especially with a business model as complex as a public market, you really do need to hear directly from the stakeholders who will use the facility, who will help make the facility function, who will operate and oversee it, and who will be the predominant part of any type of facility at this strike.

So that was one of our primary focus of our work here was provide some context to help to remember what the concept overall could hopefully contribute into this community, but help to collaborate and build upon some of the work done by the good organizations that call this home.

So this is the scope that we shaped over the course of a few different sections.

That first section, we really focused on market analysis, engaging those stakeholder groups.

We wanted to speak with small businesses, with local organizations, with arm and ag groups, and with community organizations to really understand the model that we're doing with what was its focus, what was its need, what was its contribution that it could make to Europe.

How could it help to grow upon existing organizational work?

How could it help contribute to small businesses and help them grow and develop within the state?

The type of venture that we know to be most successful is a venture that is a community asset that helps businesses beyond what is already functionally happening.

So we have some great incubation happening here in Moline.

We have some great support for folks coming out of the cottage industry and their homes, but they're needed, it seemed, and the dialogue that started to develop a little bit of a next time.

Once we started to hear from folks what were the components, the programs, the spaces, the pieces that we wanted to focus on, we then worked through two extensive uh modeling scopes.

We looked at operations, management, and development structures, and then we did a financial deep dive in order to look at not only extensive design-based cost budgeting, but also financial PNLs in order to build pricing structures that were sustainable and that were realistic.

I always like to stress the input and interest that was gathered throughout the study.

I will say this multiple times in this presentation.

This is not always the case.

So I think this is a big compliment to the involvement and the investment of stakeholders throughout your community.

I work in communities across the country.

We oftentimes have a difficult time getting folks to get involved in projects.

And so you can see the various different groups that engage with us over the course of the project.

There was certainly a heavy feedback channel that we opened, and that folks were willing and involved and invested to get involved in.

I think of note are in that bottom left corner.

We had 16 vendors and then six vendors follow up as well to specifically sit down with us and go age through age through financial models and give us direct feedback.

On the right hand side, you can see over 24 organizations who have expressed direct interest in the project, whether it's a collaborative interest, an ability to provide programming, provide operational support to use or operate one of the spaces.

So those are really notable interest markers that is certainly one of the first levers of feasibility that we always look for.

As Alex mentioned, the project started to take on a new characteristic as we started to talk about it as a public market rather than as a food hall.

I like to stress that the food retail model has adapted very, very much over the years.

But what makes a public market unique is that it is not just a retail play.

It is the idea of taking a facility or an infrastructure and layering on the programs, the services, the support organizations, and the continuation needs that those small businesses who choose to make their home as retail vendors, as production workers or as different users of the space need in order to thrive.

Some of the other models have really struggled post pandemic.

I think it's notable to see that we're seeing tremendous interest in public markets across the country in communities of all different sizes.