Guelph, Ontario. May 25, 2017. United Way Guelph Wellington Dufferin is pleased to be investing in the 10 Carden (10C) community event space and collaborative workspace, with a $50,000 Community Bond. United Way joins a diverse group of investors committed to creating more vibrant communities and strengthening Guelph’s social change sector.
“Investing in the 10C project aligns with the mission of United Way in a number of ways, including creating social impact through local investment”, said Ken Dardano, executive director of United Way Guelph Wellington Dufferin. “As we collaborate with our funded agencies to create dynamic opportunities to build and strengthen our community, investing in this type of community hub will allow for this work to happen more naturally.”
The 10 Carden project is currently underway in the former Acker’s Furniture building. When it is completed, it will include 4 floors of retail/service/office/commercial space, including a certified commercial community kitchen, permanent offices, open concept co-working and community event space. A few of United Way’s funded agencies will take up residence in the building, including the Guelph Neighbourhood Support Coalition and Chalmers Community Services. Chalmers is a 20% co-owner on the project and will operate their food pantry from the main floor. United Way will be investing in a Series F, 5-year community bond, with a return rate of 4%.
“This project is striking a chord with individuals and organizations interested in the future of the social benefit sector,” stated Julia Grady, 10 Carden Co-Founder. “We are providing the conditions for new initiatives and projects that will improve our community’s capacity and strengthen existing networks.”
A series F Bond was created for foundations, institutions and organizations, and is a minimum investment of $50,000. The interest and principal will be paid upon maturity, 5 years from the date of investment. The Community Bond offering is a new model of raising money and can be offered only by non-profits or charities. The bond is secured against the value of the asset, in this case the Acker’s building.
“United Way believes this is simply another way for our donors to invest in their own community and ensures our donors are having a social impact. With the return on the investment, it will mean that we can invest in even more meaningful local projects down the road”, said Dardano.
To date, the Community Bond Investment Campaign has raised over $961,000 towards 10C’s $1.32 million goal. For more information on the investment program and building plans, visit www.10carden.ca