If your organization, institution, or foundation is interested in contributing to the Alchemist Public Market campaign, please contact Executive Director, Sam Greenlee, directly.
This project is expected to be primarily be funded through a grant from the US Economic Development Administration which supports job-creation projects and funds 80% of acquisition and construction costs in Opportunity Zones. The project has been developed in constant consultation with the US EDA and is directly on track with their funding preferences and priorities. Alchemist initially developed a complete application for this grant targeting a different location and the initial EDA review deemed it to be a strong proposal.
It is expected that the acquisition and construction of this project will cost $6,419,278. With the US Economic Development Administration grant providing ~80% of this cost ($5.135 million), Alchemist CDC will need to raise $1.28 million to complete the capital stack. Ideally, another $200,000 will be raised to help fund the initial ramp-up of operations on-site, although the project will become entirely self-sustaining within 2-3 years.
Given that this project will accomplish so many simultaneous goals through inclusive economic development, revitalization of the River District, workforce development, small business creation, etc., while simultaneously unlocking so much federal funding, we anticipate strong funding support from varied sources including financial institutions, foundations, municipal funds, the State of California, SMUD, the Sacramento Metropolitan Air Quality District, etc.
All architectural services are being provided pro bono by Dreyfuss + Blackford, for a value of $199,130. All legal services are being provided pro bono by Stoel Rives LLP, at an estimated value of $107,000.
Factoring in these pro bono contributions, $984,726 remains to be raised for the match and $1.18 million raised would provide both the 20% match and cover operations during the ramp up period to financial sustainability.