Transcript Shipyard Legacy Fund CAC Special Session on the Investment

Shipyard Legacy Fund
Process Overview
November 4, 2006
Prepared by:
Urban Strategies Council
Developing Shipyard Legacy Fund
Recommendations
The CAC will need to recommend:
1. Investment Priorities
2. An initial investment strategy
(“investment roadmap”) and
3. Type of organization that
manages the fund (“QPE=QuasiPublic Entity”)
The Process: Supervisory Team, CAC Special
Sessions And Community Workshops
6. CAC takes
action on
Recommendations
at next CAC
Special Session or
next CAC regular
meeting.
5. Supervisory
Team &
consultants
design final
recommendations
for next CAC
Special Session.
1. Supervisory
Team &
consultants
design content for
CAC Special
Session.
SHIPYARD
LEGACY FUND
1.What to invest in
2. Today
Supervisory Team &
consultants inform
CAC at Special
Session for full
CAC. Full CAC
makes initial
recommendations
for Community
Workshop.
(priorities and gaps)
2. Investment
strategies (Roadmap)
3. Organizational
structure to manage
funds (Quasi-Public
Entity-QPE)
4. CAC shares initial
thinking at
Community
Workshop.
Participants offer
their preferences and
feedback.
3. Supervisory
Team &
consultants
design content
for Community
Workshop,
based on CAC
guidance.
Decision Timeline for the Shipyard
Legacy Fund
Workshops
June
2006
July
2006
August
2006
September
2006
October
2006
Set Investment Priorities
What to invest in
Investment
Priorities
Select Investment
Strategies Roadmap
Investment
Strategies
What is the best way to
invest in priorities
Deciding on a QPE (Quasi
Public Entity)
What kind of organization
runs the Fund and looks
after its investments
The Final Recommendation
Includes all Three
Quasi
Public
Entity
CAC VOTE ON
RECOMMENDATION
RECOMMENDATIONS ON
INVESTMENT PRIORITIES
1. Select an “engine” of change
2. Economic development-- emphasizing
employment, housing and financial and
asset development– is the engine
3. Incorporate focus areas into economic
development investments (youth
development, services for elders, arts
culture and recreation and heath,
environment and safety)
Roadmap Recommendations
on How to Invest and Spend:
1. Place most of the money in an endowment.
2. Decide percent (%) of money for endowment
and percent (%) for direct investment and
spending after CAC knows how much money
the SLF will receive and when.
3. Set aside money for the operating expenses of
the Quasi-Public Entity (QPE).
Roadmap Recommendation #1 on
What to Invest In and Spend On:
COMMUNITY BENEFITS PROJECT
1. Immediately create Community Benefits
Project to develop high levels of
Community Capacities to participate in
land use planning and decision making
(Opportunity Map)
• Provide resources to support community
planning and development
Roadmap Recommendation #2 on
What to Invest In and Spend On:
Matched Spending Project
2. Fund Matched Spending Projects that
have social returns, beginning with a
Working Families Center
• Require that SLF money is matched by
other sources of funds. Fund Matched
Spending Projects from direct funding
initially and, later, from endowment
earnings.
Roadmap Recommendation #3 on
What to Invest In and Spend On:
Environmental Justice Fund
3. Create an Environmental Justice Fund.
• The fund would provide grants, loans and
financial assistance to organizations, small
businesses and residents to prevent or
redress the impacts of environmental
pollution on public health
Roadmap Recommendation #4 on
What to Invest In and Spend On:
Signature Project
4. Identify and Invest in a Signature
Economic Development Project
• “Double Bottom Line”- both a Financial
and a Social Return on Investment.
• Decide if Community Parcels will be good
location for the Signature Project and how
to use the land.
Roadmap Recommendation #5 on
What to Invest In and Spend On:
Community Facilities Parcel
5. Determine the best use of the
community parcels
• Consider use of parcels in the Signature
Economic Development Project
• Participate in negotiations on Phase II for
the location of the community parcel