FarmWorks Community Economic Development Plan
Community Economic Development Plan
FarmWorks Investment Co-operative Limited
To promote and provide strategic and responsible community investment in food production and distribution in order to increase access to a sustainable local food supply for all Nova Scotians
Objectives of the Community Economic Development Plan
- In accordance with its Articles of Incorporation and Bylaws, FarmWorks Investment Co-operative Limited, a for-profit Co-operative with a Board of Directors elected by the shareholders who are residents of Nova Scotia, is:
- carrying on an active business that evaluates and makes eligible investments in at least five active Nova Scotian businesses that will increase access to a sustainable local food supply for Nova Scotians;
- providing information and educating investors who are interested in supporting food producing enterprises in Nova Scotia with regard to the role of capital in business, the value of equity investments to the defined community and the rights and obligations of corporations and shareholders,
- investing the capital raised, to which a tax credit pursuant to the Act has been issued, in eligible food producing businesses in Nova Scotia,
- exercising ownership rights with respect to the eligible investments made by the corporation,
- providing the administrative support necessary to carry on the business of the corporation, including preparation of annual reports and the holding of meetings of shareholders and the Board of Directors,
- FarmWorks Investment Co-operative is carrying on this business for the people of Nova Scotia in order to increase access to a sustainable local food supply for Nova Scotians,
- FarmWorks Investment Co-operative Limited has made provision for annual general meetings of the shareholders,
- FarmWorks Investment Co-operative Limited is providing mentoring support and help to facilitate farm and food-related innovation and diversification in partnership with government and non-government organizations.
- FarmWorks Investment Co-operative Limited is monitoring and evaluating other investment tools and investment opportunities that may be used to achieve FarmWorks goals.
Community Economic Development Investors
- Develop and market a Community Economic Development Investment Fund that raises a minimum of $50,000 up to a maximum of $1,000,000 of equity capital in the Fifth Offer, and
- the equity shares are of only one class without series and have never previously been issued,
- will be issued from the treasury of the corporation on being fully paid for in cash
- will, immediately following their issue, be registered in the name of each shareholder that purchases them or in the name of a trustee, if the shares are held by the trustee for the benefit of a shareholder,
- do not have any rights or restrictions that may be prohibited by these regulations;
- If a share certificate is not required to be issued to each new shareholder, an investment confirmation will be issued to each new shareholder within thirty days of share registration, setting out at least the following:
- the number of shares acquired, the price paid per share, the total amount paid, and the procedure for obtaining the tax credit receipt pursuant to the Act.
Community Economic Development Investment
- FarmWorks Investment Co-operative grants loans at 6% for five years unless otherwise indicated. As of November 30th, 2015 FarmWorks has invested $1,454,241 of the proceeds from the First, Second, Third, Fourth and Fifth Offers
- FarmWorks will invest the proceeds of the Sixth Offering in eligible businesses that will strive to increase their sustainable local food production and profitability by 10% per year by the third year following investment;
- At the present time the Board of Directors has not decided on specific entities for investment in this offer;
- Mentoring will be provided to investees;
- Investees will be required to submit financial reports to the Board of Directors.
Community Economic Development Outcomes
Success for the FarmWorks CED is a measurable increase in food production, positive outcomes for investees and a return on investment for shareholders. The overall success of FarmWorks initiatives: creating employment; contributing to an improving economic outlook for farmers and food producers; helping to restore rural vitality; provide wider access to healthy food; and helping to remove the risks associated with lack of food self-sufficiency.