A FRAMEWORK FOR ACTION

There are several fundamental ways in which Revere’s capacity to compete more effectively for economic development could be strengthened.

Chamber of Commerce

Though the Chamber is constantly seeking to increase membership, all too often the same relatively small group of individuals is called upon to take the lead in a number of civic activities, including those sponsored by the Chamber. An aggressive campaign should be mounted to recruit new membership, particularly from larger corporate citizens. Revere would be very well served if some of these corporations’ executive skills could be applied to local problems and opportunities through membership on committees and task forces.

Revere Partnership for Economic Development

The RPED (or something very similar to it) should become the nexus for the type of formal, institutionalized organization which exist in competitive communities such as Quincy, Salem and others. Revere’s "Partnership" would unite otherwise divergent interests in pursuit of common economic goals. The organization could help forge the strategic relationships necessary to the achievement of longer range development objectives, should provide support for state/legislative agendas, and would need to find ways of sustaining itself.

Economic Development Loan Pool

To help attract and keep smaller businesses, Revere needs to create its own locally designed and controlled flexible loan program. It should extend well beyond the city’s current storefront and sign grant/rebate program, and complement, rather than try to duplicate, state and federal funding mechanisms. Such pools have been formed in a number of Massachusetts communities. This loan pool will require serious financial commitment from local (and larger regional) lending institutions and shared control among its funding sources. The city for its part will need to seek out federal and state funding for its share of this venture. The city’s financial involvement in a local loan pool might take the form of interest subsidies, guarantees, or loan loss reserves, or equity investments.

A Community Development Corporation

Community Development Corporations (CDCs) have proliferated in the past twenty years because of their unique ability to apply public and private resources to less profitable urban real estate development projects. These usually take the form of pure economic development. Revere could greatly benefit from an active and involved CDC which could not only access funding for its own projects, but also serve as a conduit for certain business financing available only in communities with CDCs.