Starts with $800,000 pledge from Hall-Perrine Foundation
Cedar Rapids – NewBo City Market leaders today announced a $3 million capital fundraising campaign called Growing Cedar Rapids. A pledge of $800,000 received from the Hall-Perrine Foundation kicks off the campaign.
The total cost of the project, which involves renovating the Quality Chef Warehouse and creating an outdoor market on Third Street, between 11th and 12th avenues SE., is $4.25 million.
Terms of the Hall-Perrine grant require the organization to match the $800,000, and is contingent on the NewBo City Market receiving $1 million in Vision Iowa Community Attraction and Tourism funds from the state. The NewBo City Market is part of the $8 million City of Cedar Rapids ACE District proposal to Vision Iowa.
The campaign was announced at an event today. An event in June will officially launch the campaign.
Kyle Skogman, president of Skogman Homes and one of the Cedar Rapids City Market endorsement committee members for the campaign, cited a market feasibility study as a positive sign of the project’s viability. That December study found that 94 percent of 120 corporate and community leaders surveyed would financially support a campaign.