Title
Evergreen Cooperative Initiative Model (B)
Explanation
On October 2, 2014 the City Commission referred the Evergreen Cooperative Initiative item to the Economic Development/University Community Committee.
In 2008 a working group of Cleveland institutions launched the Evergreen Cooperative initiative to create living wage jobs in six low income neighborhoods. The initiative utilizes the coop model designed to catalyze new businesses that are owned by employees. The Evergreen Cooperative Corporation (ECC) serves as a holding company leading the initiative and drives new business development and on-going management of business enterprises. ECC is the keeper of the Evergreen vision "to promote and expand economic opportunity in disinvested neighborhoods of Cleveland, with an ultimate goal of stabilizing and revitalizing these areas of the City." ECC provides strategic guidance, coherence and continuity to the Evergreen network, which includes individual Evergreen cooperative businesses, a revolving loan fund, a real estate unit, a shared-serves company (Evergreen Business Services), and other units still to come.
Fiscal Note
There is no fiscal impact.
Recommendation
The Committee members discuss the Evergreen Cooperative Initiative Model.