Dear New Pioneer Food Co-op Members,

More than two and a half years ago, in consultation with members, the Co-op made it a strategic priority to relocate and expand the Iowa City store, keeping its location downtown but out of the floodplain. Since then, as promised, the Board of Directors has investigated every available opportunity to relocate—and today, we write with news:

We may now have the opportunity to move the Iowa City store to a new building on the corner of Gilbert and College Streets. In order to pursue this option further, in line with our Articles of Incorporation, we need your approval. Each New Pi member will receive a ballot in the mail in March.

On or around May 1, 2012, the City of Iowa City will issue a request for proposals for the development of this site. After 30 days, the City Council will choose the winning proposal based on goals it has for development in the downtown. We hope to be part of a proposal for constructing a multi-story mixed-use building, of which New Pi would own the ground floor. Other units above—presumably office space and housing for long-term residents—would be owned by other investors, who are yet to be determined. Voting YES on the resolution allows the Board to go forward with negotiations (with developers and others) to secure this location as the new and improved home for our flagship store.

We hope the “Frequently Asked Questions” on our website (www.newpi.coop) and provided with the ballot will help you vote with confidence. Even if members approve the resolution, the Board will go forward with relocation only if the move continues to be financially prudent and we are certain the new store will meet the current and future needs of New Pi members and employees. We will do everything we can in the interest of the longevity and mission of the Co-op to ensure an energy-efficient, accessible, and welcoming store—and a development that contributes to the vitality and unique character of downtown Iowa City. We believe this is a unique opportunity—perhaps the only remaining opportunity—to build in close proximity to the current location and the Iowa City Farmers’ Market. We are convinced that a new Iowa City store will better serve the needs of the Co-op, while strengthening the Co-op’s long-term contribution to our local economy and the health and character of our community. No venture is without risk. However, the Co-op is in a very strong position to achieve a goal we have been working toward for years. We ask you to entrust us to diligently and creatively pursue the option of a new store at the corner of College and Gilbert Streets by voting YES.

Thank you for your continued support and

thoughtful consideration.

Sincerely,

Sarah Walz

President

New Pioneer Co-op Board of Directors