HALIFAX - The Board of Directors of the Farmers Market Investment Cooperative (FMIC) is frustrated by the Halifax Port Authority response to FMIC concerns over ownership and management changes at the Seaport Farmers’ Market in Halifax. FMIC Board Chair Frank Schwartz says he’s disappointed in the HPA’s refusal to have a meaningful discussion with the FMIC over the current restructuring process.
The FMIC will hold its Annual General Meeting at the Seaport Market on Wednesday, November 28 at 7:00 pm to provide a full briefing to investors and members.
FMIC represents hundreds of investors who underwrote development of the new farmers market on the Halifax waterfront, playing a key role in the market’s evolution over the last several years.
FMIC raised over $1.7 million from over 500 individuals representing the core market customer base
$1.45 million of this was forwarded to the Halifax Port Authority (HPA) for advance payment for 26 years of facilities rental
This private investment was instrumental in securing over $5 million more in government grants and public agencies
The FMIC Board identified financial problems two years ago and initiated actions which led to the recommendation of
a multi-stakeholder governance model
In October FMIC contacted HPA requesting information about a potential new arrangement for the continued operation of the Halifax Seaport Market. FMIC requested a meeting with HPA to be briefed on the proposal, plans for ongoing operations, the role of CMHC, and FMIC’s investment.
Schwartz says “The responses we have received from HPA have been unacceptable,” adding, “This situation doesn’t allow FMIC to pursue the legitimate interests of our organization and keep our membership informed about the future of the market and their investment.”
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