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BUILDING COMMUNITY WEALTH TO TRANSFORM CLEVELAND AND CHANGE LIVES

EVERGREEN COOPERATIVE INITIATIVE. Stabilize Neighborhoods. Generate Wealth for Residents. Create Jobs. BUILDING COMMUNITY WEALTH TO TRANSFORM CLEVELAND AND CHANGE LIVES. How do we create good quality jobs at a time of growing job dislocation and disinvestment in our urban areas?

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BUILDING COMMUNITY WEALTH TO TRANSFORM CLEVELAND AND CHANGE LIVES

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  1. EVERGREEN COOPERATIVE INITIATIVE Stabilize Neighborhoods Generate Wealth for Residents Create Jobs BUILDING COMMUNITY WEALTH TO TRANSFORM CLEVELAND AND CHANGE LIVES

  2. How do we create good quality jobs at a time of growing job dislocation and disinvestment in our urban areas? How do we anchor capital so that it doesn’t get up and leave? Where do we find financing for job creation? How do we turn the vision and promise of green jobs into real employment opportunities that are available to urban workers today? How do we stabilize and revitalize disinvested neighborhoods? Issues we seek to address:

  3. GREATER UNIVERSITY CIRCLE “New Geography of Collaboration” SUPERIOR AVENUE WADE PARK/ HERITAGE LANE NPI SII Famicos Foundation EAST CLEVELAND VA Hospital TRADITIONAL University Circle BOUNDARY CITY LINE EASTERN HOUGH/ UPPER CHESTER LITTLE ITALY EAST 79th STREET Cleveland Clinic EASTERN FAIRFAX NPI SII Fairfax Renaissance Dev. Corp. BUCKEYE / SHAKER ST. LUKE’S POINT NPI SII Buckeye Area Dev. Corp. CITY LINE BUCKEYE / WOODLAND

  4. NEIGHBORHOODS AT RISK

  5. OUR STRATEGY • Focus anchor institution purchasing locally • Create new community-based businesses • 3. GREEN • Link to expanding sectors of the economy • (e.g., health, aging, energy, food, waste & green technologies) • Ensure financing and management • to move to scale

  6. Launched 2009-2011 • Evergreen Cooperative Laundry (ECL) • Ohio Cooperative Solar (OCS) • Green City Growers Cooperative (GCGC) • Evergreen Business Services (EBS) • GUC Neighborhood Voice Pipeline Three to Four Next Generation Businesses Annually

  7. Business Update • Launch October 2009 • State of the art green facility • Customers: Cleveland-area hospitals, nursing homes, hotels • 50 new jobs for worker-owners • 10-12 Million lbs. capacity • Financing • $750,000 of Evergreen Cooperative Development Fund (Loan) • 2 market-rate bank loans ($750,000 each) • $1.5 million of HUD108 long-term, low-interest loan • $200,000 of EDA funding for working capital • $100,000 of Commonwealth Revolving Loan Fund • $5 million New Markets Tax Credit allocation (US Bank)

  8. Business Update 2010 – 12 24 installations = 3MW Will more than double all installed solar in State of Ohio Clients: Cleveland-area Anchor Institutions 15 Year Power Purchase Agreement 50 – 75 full-time jobs

  9. Who 35-40 employees Worker-owners will be residents of the expanded Greater University Circle What Commercial scale hydroponic greenhouse 4.7-acres of leafy greens 5 MM heads lettuce 150 mile radius market

  10. EVERGREEN DESIGN CRITERIA For-profit Hire locally & located in community Matched to anchor needs Living wage + benefits Green Employee-owned (worker cooperatives) % of profits to help start new businesses in the community (social mission)

  11. Create new jobs for neighborhood residents 500 > 5,000 Anchor capital so it doesn’t get up and leave Promote asset accumulation ($65K/8 years) Stop $$ from leaking out of NE Ohio Stabilize and revitalize neighborhoods Develop a replicable model for national impact GOALS

  12. Evergreen’s Worker-Owners “Because this is an employee-owned business, it’s all up to us if we want the company to grow and succeed. This is not just an eight-hour job – this is our business.” Keith Parkham “I never thought I could become an owner of a major corporation. Maybe through Evergreen things that I always thought would be out of reach for me might become possible. Owning your own job is a beautiful thing.” Medrick Addison

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