High Priority Strategy
NorthWay seeks to develop new economic relationships that foster wealth creation by increasing the flow of money on the Northside. Local transactions will help build area wealth and help residents acquire new connections to the regional and global economies.
2006-08 Phase II Activities
Building Community Wealth is a key strategy for Phase II of NorthWay’s implementation plan. Building wealth includes economic development, locally controlled investment, financial literacy skills and other activities directly related to employment and economic growth.
To meet this goal, the NorthWay Board has identified two high priority activities for 2006-08:
• To provide financial literacy and education to low-income Northside residents and families earning below $20,000.
• To convene a wealth creation strategy group that will assess barriers to prosperity for low-income Northside residents and working poor families, and promote entrepreneurship on the Northside.
Two lower priority objectives include:
• To identify Northside retail and commercial business development opportunities.
• To improve options and services for ex-offenders.
Key Indicators
The table below shows Key Indicators of building community wealth identified in the NorthWay Plan.
Businesses of Color |
Identify existing businesses owned by people of color and keep track of new businesses, especially new entrepreneurs, created through NorthWay partnerships. |
Investment |
Measure the number and value of new investments by residents (especially low-income residents) in NorthWay sponsored initiatives, including:
• investment in Individual Development Accounts (IDA)
• investments in other kinds of development or businesses
• the value of investments in North Minneapolis bank branches and credit unions. |
Mortgage Interest |
Monitor the value of mortgage interest payments recycled in the community rather than invested in outside financial institutions. |
In 2004, the Economic Census found these figures for North Minneapolis:
55411 |
463 |
7,236 |
$251,055,000 |
55412 |
212 |
1,945 |
$ 63,968,000 |
|
