Capital City Public Market

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Capital City Public Market
Capital City Public Market
History, Economic Impact, and Future
Market Mission
• Capital City Public
Market is dedicated to
creating, expanding
and enhancing the
economic viability of
our community through
providing sales and
marketing opportunities
that would be
unavailable to local
producers on an
individual basis.
Quick History of the Market
• Open 1994, one employee, 8th St Marketplace, 8-10
vendors
• 1996 moved to 8th St and Main St, one employee, 1015 vendors
• 1998 moved to 8th St between Bannock St & Idaho St,
one employee, one part-time Saturday employee, 2025 vendors
• 2005 8th St to north spoke of the Grove, one employee,
two part-time employees, 60-80 vendors
• 2010 8th St Bannock - Grove, Idaho St Capitol to 9th,
two employees, 4 part-time employees, 130-150
vendors
Market Management
• 7 member board comprised of market vendors
– 4 agricultural
– 1 specialty food
– 2 artisans
• Executive Director
• 1 full-time employees
• 5 part-time employees
Current Tax Status
• 501-c6 status no longer applicable for
farmers markets
• Registered state nonprofit corporation –
files federal taxes under S Corp status
Purpose of the Market
– Incubates independent, seasonal micro
businesses
– Acts as leasing agent for local area vendors
– Keep fees affordable
– Supports business by offering technical help,
free weekly advertising , merchandising
training and marketing assistance
– Provides a beneficial marketplace for
vendors, downtown merchants and shoppers
What the Market Requires from
Vendors
• All vendors to provide a minimum of 1million
dollars of insurance
• All vendors to be responsible for tax reporting
• To provide copies of tax ID number
• Annual vendor training
• All processed food to be made in commercial
kitchen, report to Central District Health
Department, provide copies of kitchen
inspections and any applicable permits
Sales vs. Revenue
• 2010 Reported Vendor Annual Sales $925,232
• 2010 Market Revenue (from fees) $196,085
Financials for 2010
Vendor Fees = 196,085
Operating Expenses = 193,678
Top Four Operating Expenses
Staff = 36%
Advertising = 20%
Part Time Labor = 16%
Lease/Equipment Fees = 14%
Lease/Equipment Fees
Capital City Public Market, Boise ID 2010
Economic Benefits to Downtown/City
• Incubates 150 + micro-businesses
• Increases DT garage parking revenue by 26%
on Market days
• Attracts 17-20,000 people 36 weeks a year
• Existed for 16 year on market fees alone
• Provides access to local fresh food
• 4 million dollar annual economic impact
Economic Impact of the Market $4m
Vendor Impact of the Capital City Public Market
Vendor Type
FARMER
NON‐PRODUCER
PREPARED FOOD
ARTISANS
TOTAL VENDOR IMPACT
Number of Average Vendors Expenditures (estimated)
51
0
34
51
$14,310
$102,573
$40,800
$8,949
Small City Total Impact
Vendor Impact Multiplier
1.6
$1,167,696
1.31
$0
1.65
$2,288,880
0.66
$301,223
$3,757,799
Market Management Impact of the Capital City Public Market
TOTAL MANAGEMENT IMPACT
Annual Market Opperating Management Expenditures Multiplier
$130,000
1.86
$241,800
Total Impact of the Capital City Public Market
Market Management Impact
Vendor Impact
$241,800
$3,757,799
$3,999,599
Multipliers provided by “Estimating the Economic Impact of Public Markets” via Project for Public Spaces
Long Range Goal of the Market
• A downtown facility that could:
– Support food/agriculture related businesses
– House a Commercial Kitchen
– Partner with Idaho Center for Sustainable
Agriculture for outreach and development
– Office space for The Market
– Spaces for downtown meetings & educational
training center
– Open 5-7 days a week
2011 Market Season
Celebrating: Year of Idaho Food
•Starts April 16, 2011
•Ends December17, 2011
www.SeeYouAtTheMarket.com

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