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Looking for Progress in America's Smaller Legacy Cities: A Report for Place-based Funders - Federal Reserve Bank of Chicago

May 8, 2017View for printing

Place-based funders can play an important role in connecting economic growth to economic opportunity. This paper describes a study tour undertaken by representatives from four Federal Reserve Banks and more than two dozen place-based funders, under the auspices of the Funders' Network-Federal Reserve Philanthropy Initiative. What began as an inquiry into four small legacy cities - Chattanooga, TN; Cedar Rapids, IA; Rochester, NY; and Grand Rapids, MI - that appeared to have experienced some measure of revitalization in the post Great Recession environment evolved into an understanding that revitalization in these places is moving along two distinct paths: an "arc of growth" and an "arc of opportunity." In the context of these small legacy cities, growth and opportunity is unfolding separately along these two long-term "arcs," leading to the conclusion that broad community prosperity lies in: 1) recognizing that growth alone does not naturally lead to opportunity; and 2) advancing deliberate policies, investments, and programs that connect growth to opportunity. Tour participants observed that without the action of organizations like placed-based funders, that connection rarely occurs.

Given the common narratives emerging from the study tour and the dual arcs framework for evaluating place-based revitalization, participants in the tour put forward a short, non-exhaustive, list of conclusions for funders.

Full Report: https://chicagofed.org/Home/region/co ... ss%20Report
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Reprinted under the Fair Use doctrine of international copyright law. Full copyright retained by the original publication. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.


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