City of Somerville header
File #: 212741    Version: 1
Type: Mayor's Communication Status: Placed on File
File created: 12/7/2021 In control: City Council
On agenda: 12/9/2021 Final action: 12/9/2021
Enactment date: 12/9/2021 Enactment #: 212741
Title: Conveying a memo from the Democracy Collaborative regarding the Accelerating Reinvestment in our Community (ARC) Project.
Attachments: 1. Memo from Democracy Collaborative - CWB for ARC

  Agenda Text

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Conveying a memo from the Democracy Collaborative regarding the Accelerating Reinvestment in our Community (ARC) Project.

 

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Official Text

To the Honorable City Council:

 

I respectfully convey to your Honorable City Council a memorandum from The Democracy Collaborative regarding the Accelerating Reinvestment in our Community (ARC) Project. The City of Somerville wants to ensure that all Somerville residents benefit from local economic success. This requires strategies, policy, and action that securely harness wealth, support marginalized communities, and build economic and social resilience. The City of Somerville has engaged The Democracy Collaborative to advise on the topic of community wealthbuilding and equitable economic success. This memo discusses their preliminary findings and recommendations: complete a baseline spending analysis of local anchor institutions; create a sophisticated anchor network; develop a Jobs for Somerville brokerage; develop a cooperative support network ecosystem; grow social enterprise zones and community land trusts; and deploy innovative solutions to ensure affordable housing.

 

The Democracy Collaborative will prepare a full report next year, which we will submit to the Council.

 

My staff will be available to answer any questions you may have.

 

Respectfully Submitted,

Joseph A. Curtatone, Mayor