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Isla Vista CSD approves $50,000 equity purchase to buy memberships at Isla Vista Food Cooperative
Summary
The Isla Vista Community Services District voted to buy $50,000 of class C equity in the Isla Vista Food Cooperative and allocate the resulting memberships to local households as an equity-based program aimed at improving food access and reducing car trips for grocery shopping.
The Isla Vista Community Services District on a unanimous vote approved a memorandum of understanding to purchase $50,000 in class C equity from the Isla Vista Food Cooperative and to allocate the resulting memberships to local households.
Board members said the purchase, to be made from the district's fund balance, is intended as an equity investment to increase local grocery access and help reduce parking and car dependence among Isla Vista residents. The board approved paying $25,000 now and $25,000 in June, with a working group to finalize allocation and outreach plans before the second installment.
The co-op and district described the purchase as equity rather than a one-way grant: Lisa, president and interim general manager of the…
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