February 26, 2018
10C Shared Space announces Vancity Community Investment Bank as the long-term financing institution on its exciting community redevelopment project.
Guelph, ON – 10 Carden Shared Space (10C), a social innovation community hub in Guelph, Ontario began redeveloping the Acker’s Furniture Building, a landmark property in April 2016. The project goal is to ‘create space for change’ by building a home for social benefit organizations of all sectors to work together, share resources and collaboratively increase resilience and develop strong communities.
This is an innovative project, led by 10C and Chalmers Community Service Centre, two not-for-profits aligning in a joint venture as 42 Carden Shared Space to redevelop this 15,000 sq ft property. A brilliant example of adaptive reuse, this downtown property is in the heart of Market Square, Guelph’s original agricultural hub. In the late 1800s, the building was a seed warehouse and then later, Massey-Harris Farm Implements, prior to one hundred years as the Acker’s Furniture store. 10C has fully renovated this 4 storey historic building into a vibrant multi-tenant facility that is flexible, accessible and incorporates green infrastructure – adding new life and possibility to this property – and to the community.
Fully opened in January 2018, the project provides space for approximately 30 to 50 employees working in a variety of social and environmental sectors. 400 to 600 visitors per week will use the event spaces and participate in community programming of 10C and its collaborators. The University of Guelph, Community Engaged Scholarship, Guelph Arts Council, Guelph Neighbourhood Support Coalition, Wellington Water Watchers and Wildlife Preservation Canada are just some of the many collaborators. 10C has over 120 members, including individuals, organizations and students all passionate about creating social change.
Over the past 20 months, the project has been financed by a private construction mortgage, various grants, donations and community bonds. Today, 10C is pleased to announce that Vancity Community Investment Bank holds their first mortgage.
“We are honoured that Vancity and its subsidiary Vancity Community Investment Bank, Canada’s leader in values-based banking and community impact, recognizes the value in our mission-driven business, ” says Heather Watt-Kapitain, Board Chair of 10C and 42 Carden Shared Space. “Their goal of building healthy, vibrant and equitable Canadian communities blends perfectly with 10C’s work of strengthening our own community and sharing knowledge with others.”
“This is a massive project for 10C and we are grateful for the high level of expertise and engagement that the Vancity Community Investment Bank team put into this project,” says Julia Grady, 10C’s Co-Founder. “We are delighted to have such a collaborative institution as our financial partner. They balance their values with knowledge. As part of their dedication to building the social finance market in Canada, they take the time to understands the work required to build a community-based social enterprise.”
Vancity Community Investment Bank worked side by side with 10C’s team as well as all other partners involved to ensure that in the end the project came through. “Vancity Community Investment Bank is honoured to be a part of history for the vibrant community in the City of Guelph. This was our first and hopefully one of many long-term loans to co-shared community space projects in GTA”, shared Anastasia Mourogova Millin, Director of Lending and Market Development for VCIB.
In addition to the Vancity Community Investment Bank’s financing, Community Bonds have been a key facet in the development of this project. An innovative social finance tool, community bonds allow not-for-profit organizations to leverage shared investment as equity in their projects. 10C has engaged over 105 investors thus far. The project goal is to match the VCIB financing with community investment and repay both through the operations of the busy community hub. The community bonds are subservient to the first mortgage and Series A-F are secured to the value of the asset, the property at 42 Carden Street. Depending on the series selected, local individuals and organizations can earn returns between 2.5% and 5% in addition to the community good and social impacts of the project.
10C’s Community Bond campaign will continue until the remaining financing required to complete the renovation of this historic property is in place. Series E, G and H bonds are available. See 10carden.ca/community-bonds
Vancity Community Investment Bank is creating Canada’s first schedule one bank focused exclusively on the triple bottom line. The Bank offers financing and expert advice to businesses in Ontario that are investing in their communities or a cleaner environment. Our goal is to connect capital to enterprises that are building stronger, more sustainable communities, enabling depositors and investors to finance change. vancitycommunityinvestmentbank.ca
10C Shared Space – Incorporated as a not-for-profit, 10 Carden is Guelph’s community hub offering local not-for-profit groups, socially-focused businesses and individuals affordable and accessible space. 10 Carden’s creating space for change model includes shared office, meeting space, event facilities and offers individuals, professionals and researchers working within Guelph a place to gather, work, exchange ideas and collaborate. 10carden.ca.
Julia Grady, Co-Founder and Executive Director