Farmers' market asks vendors for $3M

The Calgary Farmers' Market is asking its vendors for a $3-million loan to help fund the cost of relocating to a new building.

Spokesman Ken Aylesworth said the co-operative doesn't have any assets and it can't get a bank loan for all of the $5 million needed to redevelop a new home at Blackfoot Centre. Each seller has been asked for a loan of $100 per square foot, based on their stall's size, to make up the difference.

The co-operative needs the money by Oct. 4 and Aylesworth said the loans will be repaid, with interest. About 85 per cent of the vendors are willing to loan the money, but others "are not comfortable with it,"he said.

"We'll do our best to work with the remainder and they'll make their hopefully good solid business decisions whether they come or not," he said.

While the market has signed a lease for the 55,000-square-foot Blackfoot Centre to start in July 2010, it's still waiting on a development permit from the City of Calgary.

"It's very important that we have a very good feel for how many people are coming with us and the best way to do that is to have them make a monetary commitment," Aylesworth said.

The farmers' market has been forced to move because its space in the southwest Currie Barracks is being redeveloped into a new community. The lease expires in November 2010.

The new property, Blackfoot Centre, located at Fifth Street and 77th Avenue S.E., is currently home to Heritage Flea Market and a shooting range. The Calgary Farmers' Market will be the third such operation in the southeast, along with the summertime Blackfoot Market and the Crossroads Market.