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Co-op membership overwhelmingly approves purchase of Extra Foods building

The wheels are now in motion for the Kootenay Co-op to purchase the Extra Foods building at 708 Vernon Street. — Submitted photo

The wheels are now in motion for the Kootenay Co-op to move to the other end of Baker Street in Nelson after a special resolution to purchase the Extra Foods building was overwhelmingly approved.

During a special general meeting Monday at the Best Western Baker Street Inn, that attracted more than 100 members, the resolution — that the Cooperative invest over 75% of its financial reserves for the sole purpose of acquiring and developing the property described as 708 Vernon Street, Nelson, British Columbia — was approved by 119 for to six against.

Before the vote was taken, members and guests listened attentively to Project Manager Russell Precious explain how we got here and what the redevelopment options may be.

Dave Wahn, City of Nelson’s Senior Planner, presented the city’s perspective on the redevelopment, and Co-op Finance Manager Paul Dawson helped us understand the financial context for the upcoming vote on the Special Resolution.

The local cooperative has entered into a contract to purchase the building at 708 Vernon Street from the Howes Family Business.

The possession date is June 1, 2012.

The current lease agreement between the owners of Extra Foods and the Howes Family Business expires May 31, 2012.

The vote allows the board to proceed with the purchase and begin design drawings for the new facility.

The current location on Baker Street for the Co-op is 7200 square feet with 4800 square feet used for retail.

The Howes Family Business building is 18,500 square feet.