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Home My WebLink AboutLisa Edwards - Press CoffeePRESS Press Coffee 1120 N. Dodge Street Iowa City, Iowa 52245 Projects Leads: Katie Ford - Owner/Operator (319) 400-2722 katienDresscoffeeco.com Lisa Edwards - Owner/Operator (515) 554-8346 lisa(a-)0resscoffeeco.com May 1st, 2023 City of Iowa City Request for Statements of Interest 1. A cover letter identifying the lead applicant, if any, co -applicants. Include the lead organization's name, address, and the address of the project site (if known). Provide contact information (name, title, phone, and email for the person leading the project. Please specify in the cover letter if the application is for (1) physical space, (2) business support programs, or both. Press Coffee is a business that Katie Ford and Lisa Edwards took ownership of in 2020, as it faced closure during the pandemic, and moved it to a location where it could thrive. In two years time we have tripled the sales of the former location and were voted Best Coffeehouse by Little Village readers both years. Press serves as a community hub for local students, families, professionals, and tourists. Our interest is in funds for our physical space as well as business support programs. 2. A general description of the project including the purpose, benefits, and specific goals of the project. Demonstrate the community benefit of the project using qualitative and quantitative measurements. Specifically, note how the project will accomplish the goals outlined in the Inclusive Economic Development Plan and City Council Strategic Plan. Our "Press Presents" events have given exposure to 20 artists and supported a dozen local small businesses nonprofits so far. These events provide a safe space for people in the Iowa City community to gather and build connections. In an effort to expand our reach, we want to elevate these events as well as make necessary improvements to our space to support them. One of our biggest goals is to have food options which not only provides a wider range of services for our community events but is also vital for our small business to grow. We also need to make adjustments to our patios to make them safer and usable longer throughout the year. 3. A description of how the project builds community resiliency following the COVID-19 pandemic by building capacity to serve the residents of the community. When we moved our business to Iowa City during the pandemic, we made sure our location had a drive up window and poured both a front and back patio not only for extra seating but to provide a place to be more socially distant. The addition of food brings more variety and a local small business option for the growing Northside community. To better utilize these amenities and continue growing our business, improvements to our space are vital. We survived the pandemic, we would like to stick around for many years to come. 4. An estimated project budget including how much in City assistance you are requesting. Identify both the proposed sources and uses of funds for the total project. Identify if each funding source has committed funds. Our budget for this project is around $40,000. Costs include expanding our back bar area, acquiring the necessary equipment, and improvements to our patios. We have qualified for an employee retention credit and have allocated $10,000 of it for this project and are in talks with an investor about financial assistance for appliances. From the city we are requesting $20,000 to go towards our project. 5. A preliminary timeline for the execution of the project. The City intends for all grant funds to be expended by December 31, 2026. If this is not possible in the project schedule, please detail the estimated draw -down time frame. Our timeline for the whole project would ideally be by the end of this summer, but funding and construction can be unpredictable forces. 6. A statement about the organization's ability to perform appropriate grant and financial management, including any related experience managing city, state, or federal grant funds. Provide 3 years of financial statements of the lead organization, if available. Please indicate what type of technical assistance may be needed to help prepare the organization for grant management responsibilities. See attached profit and loss statements since we opened on Dodge Street in the summer of 2021. Pass Coffee as it stands now has only existed since 2020, but Katie managed the business for its seven-year existence under previous management. She not only has experience handling the books for the shop, but managed the entire business complex for the former owners as well. The process of opening a new business and building a location from scratch has taught many lessons about loans, budgets, and construction planning, but also showed the need for a diverse support system for small businesses. 7. A description of all work related to the project that has been completed to date, if any, including secured funding, contracted professional services, property, land acquisition, grant or loan activity, etc. Our original build -out helped us form many relationships and most important is our building owner, Ryan Wade. Tod Salter will return to do framework for the back bar extension and are working on contacting more people for the project. 8. Any other information, including letters of support, the submitting agency deems appropriate. As the funding entity, no letters of support should be sought from City of Iowa City staff or elected officials. As a small business owner, it feels almost impossible to run a business when you don't come from money. Loans help but overhead costs can sink a ship in the first few years when it matters most. In the end, I hope whatever these funds go towards can help create a system of support for start up and small businesses in Iowa City. Diversity in the business force is hard to come by when the same names own a majority of the city. 9:59 AM Pressed Friends LLC 05/01/23 Profit & Loss Accrual Basis July through December 2021 Jul - Dec 21 Ordinary Income/Expense Income Sales 274,873.87 Total Income 274,873.87 Cost of Goods Sold Cost of Goods - Coffee 35,640.05 Cost of Goods - Food 9,558.25 Paper Products 38,487.95 Merchant Account Fees 11,561.94 Total COGS 95,248.19 Gross Profit 179,625.68 Expense Interest Expense 2,898.90 Advertising and Promotion 5,615.27 Bank Service Charges 1,75389 Supplies 11,885.25 Computer and Internet Expenses 703.83 Dishwasher Rental 947.64 Dues It Subscriptions 1,557.99 fuel travel 100.58 Meals and Entertainment 9694 Monitoring fee 335.16 Monthly Rent Rent 16,958 35 Cams 5,330.00 Patio payment 875.00 Total Monthly Rent 23,163.35 Office Supplies 933.33 Payroll Expenses 93,991.20 Payroll Taxes 8,101.59 Professional Fees 379.44 Repairs and Maintenance 729.38 Utilities Trash and recycling disposal 294.62 Water 1,25737 Mediacom 1,657.30 Gas & Electric 1,602.00 Phone 19433 Utilities - Other 230.00 Total Utilities 5,235.62 Total Expense 158,429.36 Net Ordinary Income 21,196.32 Net Income 21,196.32 Page 1 10:01 AM Pressed Friends LLC 05/01/23 Profit & Loss Accrual Basis January through December 2022 Jan - Dee 22 Ordinary Income/Expense Income Sales 567,103.81 Total Income 567,103.81 Cost of Goods Sold Cost of Goods - Coffee 63,029.48 Cost of Goods - Food 102,866.31 Cost of Goods - Retail 7,484.50 Paper Products 40,455.71 Merchant Account Fees 3,305.54 Total COGS 217,141.54 Gross Profit 349,962.27 Expense Interest Expense 6,418.05 Advertising and Promotion 7,45206 Bank Service Charges 3,986.18 Business Licenses and Permits 300.00 Supplies 9,75211 Computer and Internet Expenses 1,143.72 Dishwasher Rental 2,055.34 Dues & Subscriptions 4,06745 Insurance Expense 1,076.00 Meals and Entertainment 1,556.56 Monthly Rent Rent 32,991.68 Cams 12,892.79 downstairs rent 7,33336 Patio payment 2,100.00 Total Monthly Rent 55,317.83 Office Supplies 307.10 Payroll Expenses 199,442.03 Payroll Taxes 18,355.70 Professional Fees 1,827.37 Repairs and Maintenance 5,423.66 Small Equipment 169.52 Uniforms 473.00 Utilities Water 1,661 14 Mediacom 1,850.44 Gas & Electric 4,142.00 Phone 24475 Utilities - Other 2,210.20 Total Utilities 10,108.53 Total Expense 329,232.21 Net Ordinary Income 20,730.06 Other Income/Expense Other Expense Ask My Accountant 500.00 Total Other Expense 500.00 Net Other Income 500.00 Net Income 20,230.06 Page 1 10:01 AM Pressed Friends LLC 05/01/23 Profit & Loss Accrual Basis January through April 2023 Jan -Apr 23 Ordinary Income/Expense Income Sales 167,230.24 Total Income 167.230.24 Cost of Goods Sold Cost of Goods - Coffee 17,613.70 Cost of Goods - Food 37,506.92 Cost of Goods - Retail 1,499.96 Paper Products 17,268.32 Total COGS 73,888.90 Gross Profit 93,341.34 Expense Square Loan 2023 -60,000.00 Interest Expense 340.20 Advertising and Promotion 4,38322 Bank Service Charges 1,296.00 Business Licenses and Permits 30.00 Computer and Internet Expenses 111.30 Dishwasher Rental 631.76 Dues & Subscriptions 1,482.99 Insurance Expense 1,206 00 Meals and Entertainment 1,381.49 Monthly Rent Rent 9,900.00 Cams 4,264.00 downstairs rent 3,666.68 Patio payment 600.00 Total Monthly Rent 18,430.68 Office Supplies 200.27 Payroll Expenses 70,717.53 Payroll Taxes 6,418.28 Repairs and Maintenance 2,491 15 Utilities Water 434.36 Mediacom 939.80 Gas & Electric 2,080.00 Total Utilities 3,454.16 Total Expense 52,575.03 Net Ordinary Income 40,766.31 Other Income/Expense Other Expense Ask My Accountant 52,314.25 Total Other Expense 52,314.25 Net Other Income 52,314.25 Net Income -11,547.94 Page 1