|Local Grown Salads i95 Opportunity Zone (LGS I95 OZF)
|Fund Manager or Organizer(s)
|Local Grown Salads
Commercial Real Estate, Community Revitalization, Economic Development, Small Business Development
Nationwide, Delaware, District Of Columbia, Maryland, Massachusetts, New Jersey, New York, Rhode Island
|Additional Fund Details
|Local Grown Salads is an AgTech start-up that can produce up to 1,500,000 pounds of ready-to-eat salads, strawberries, beans, peas, and other vegetables in a 15,000-square-foot urban farm.
Local Grown Salads technology:
– Grows fresh produce year-round in a controlled environment with the highest standards of food quality and food safety
– Creates product that is organic, pesticide free, herbicide free, and GMO free
– Decreases transportation costs, thereby reducing the carbon footprint
– Helps to address the problem of food deserts
– Allows indoor farming that helps save the planet’s arable landLocal Grown Salads is a perfect fit for Opportunity Zone locations.
Investment in an Opportunity Zone is intended to uplift low-income neighborhoods. Local Grown Salads farms will provide healthy and nutritious food, create local jobs, and use sustainable technology.
The farms are strategically located at the end of the supply chain and close to the consumer; therefore, ready-to-eat salads are delivered locally on the same day they are harvested.
Each Local Grown Salads farm will employ 15 ? 20 people. Individuals from the community will be trained to be farm managers, produce harvesters, produce cleaners, produce sorters, and packagers. A farm in the urban neighborhood will provide healthy food in priority areas.
Local Grown Salads farms are designed to be easy to scale. Farms are pre-fabricated, standardized, and delivered in 20 containers and assembled on location. As demand increases from large retailers and food service customers, we are able to rapidly deploy new farms.
A Local Grown Salads farm is an investment in a business, a neighborhood, and a community. Farms can be created in existing buildings that otherwise would be deemed obsolete. A farm located in a Qualified Opportunity Zone will help to substantially improve the building and its value.
Our patent-pending technology will produce a high-quality product that is sustainable and profitable. The capital expenditure required for a farm is approximately $2.2M. The farm is expected to be generating income within 150 days of site acquisition.
|Anticipated OZF Structure: We see an Opportunity Zone Fund is created, purchases a building in a Qualified Opportunity Zone, and owns the LGS Farm as a Qualified Opportunity Zone business. The LGS Farm operates in the building with a 10-year triple-net lease.