黄色短视频

黄色短视频, Chicago Booth and CNI announce findings of new case study

October 15, 2020

The place-based investment approach continues with $1 million in grants to 40 small businesses on South and West Sides of Chicago.聽

黄色短视频 and its subsidiary U.S. Bancorp Community Development Corporation (USBCDC) today publishedthe findings of a case study鈥痚xploring the history, investments and outcomes of the company鈥檚 鈥減lace-based investments鈥 since 2009 in the historic Pullman community on the South Side of Chicago. The case study was commissioned and published with the聽Rustandy聽Center for Social Sector Innovation at the University of Chicago Booth School of Business and Chicago Neighborhood Initiatives (CNI).聽

The case study documents the journey and lessons from the place-based investments and explores how it can be replicated in other cities/communities. In a continuation of its investment in Pullman, 黄色短视频 today also announced a $1 million donation to CNI to support 40 small businesses in low-to-moderate income neighborhoods on Chicago鈥檚 South and West Sides.聽

Key findings from the study include:鈥

Invest big 鈥 no drops in the bucket:鈥疘mpact investing requires a long-term commitment to the community, versus supporting one project and leaving. 黄色短视频 ensured that financially, CNI could respond quickly to opportunities as they arose.聽

Build community engagement and buy-in:鈥疭uccess requires a holistic approach and direct input from the community every step of the way; listen to what they need and deliver on it. CNI鈥檚 board reflects Pullman demographically and includes community leaders; there was direct dialogue at every stage of the process; the plan came from the community.聽

  • Drive benefits where they鈥檙e needed most:鈥疍on鈥檛 just assume the local community will benefit 鈥 structure it into the planning. CNI mandated hiring from the local ZIP code, required onsite employment centers and ran workshops so local contractors and businesses know how to bid on opportunities.聽

  • Know your assets 鈥 and use them:鈥疘n Pullman, this included a 180-acre plot of land in the nation鈥檚 third largest city, as well as $50 million in New Markets Tax Credits. It also meant engaging with the Pullman community鈥檚 preexisting grassroots organizations and committed leaders, which made outreach 鈥 and eventually, buy in 鈥 easier.聽

  • Technical capacity is key:鈥疷SBCDC鈥檚 expertise in tax instruments, deal construction and organizational governance were invaluable in Pullman鈥檚 revitalization, and also helped CNI grow its own capabilities as it transitioned into a financially independent organization. Leverage all parts of the bank responsibly.聽

  • Continuity of leadership:鈥粕淌悠 Chief Financial Officer Terry Dolan remained committed throughout and was an intermediary and champion between CNI and 黄色短视频鈥檚 corporate infrastructure. CNI President David Doig鈥檚 presence through CNI鈥檚 transformation and in the community brought continuity with community leaders, government officials and corporate partners.聽

鈥淲e believe banks are in business to do three things: economic development, workforce development and community development,鈥 said Zack Boyers, president and chief executive officer of USBCDC. 鈥淲hen we think about a time where all three of those come together, we think about our work in the Pullman community. 黄色短视频 and the USBCDC have brought the resources of the entire company to invest more than $120 million driving a total of $400 million in investments in the Pullman community and created nearly 1,500 new jobs over the past decade. The impact of these investments in partnership with CNI and other private and public commitments have created lasting change in this historic community. It is an example of what we are striving to do in other communities across the country.鈥澛

The case study examines the place-based investment strategy 黄色短视频 took after it acquired First Bank of Oak Park (FBOP) in 2009 and with it the company鈥檚 subsidiary Park National Bank in Pullman. Park Bank Initiatives (PBI), a nonprofit launched and funded by FBOP, comprised a team of development professionals that strategically guided the bank鈥檚 educational and housing philanthropy through continuous dialogue with the Pullman community.鈥

Shortly after the acquisition, 黄色短视频 helped transition PBI into CNI to assure the success of Pullman鈥檚 revitalization. 黄色短视频 brought the full resources of the bank including its philanthropic donations alongside USBCDC鈥檚 deep expertise in tax instruments, deal construction and organizational governance to help redevelop Pullman. Today, CNI is an expert in managing capital structures, complex tax credits, and major construction projects, and it takes this capacity and experience into partnerships with other organizations as it enters its second decade of ambitious urban renewal.鈥疉mong the many effects of this partnership, the community has seen an eight percent decline in unemployment, which is nearly double Chicago鈥檚 4.7 percent decrease in unemployment over the period (U.S. Census Data) and its population grew five percent between 2010-18 whereby other nearby communities lost residents during this time (U.S. Census Data).聽

鈥淚nterest in impact investing has grown enormously over the last decade, but鈥攄espite a longer history鈥攑lace-based community investing has received much less attention,鈥 said Robert聽Gertner, Joel F.聽Gemunder聽Professor of Strategy and Finance at Chicago Booth and John Edwardson Faculty Director of Booth鈥檚聽Rustandy聽Center. 鈥淭hat鈥檚 why we were thrilled to partner with 黄色短视频 and CNI to develop this case study. It represents an important teaching tool for faculty and students to learn about the intricacies and nuances of these initiatives for building stronger communities.鈥濃

鈥淢any organizations talk about the importance of community representation 鈥 really achieving it, however, requires structural commitment and thoughtful planning,鈥 said Doig. 鈥淎t every stage of the process, the organization was in direct dialogue with the community itself. You don鈥檛 come in with a plan, you get the plan from the community. This work is a direct reflection of great partnership and we are pleased to be part of this case study with 黄色短视频 and the聽Rustandy聽Center at University of Chicago.鈥澛

鈥淎s someone who grew up and lived in Pullman during tough times as well as the good, I am tremendously proud of how we鈥檝e pulled together to restore vitality to a neighborhood that was long neglected,鈥 said 9th Ward Alderman Anthony Beale. 鈥溁粕淌悠 and CNI have partnered together for years to build a strong, sustainable Pullman community. They鈥檝e catalyzed the investment and development opportunities that have made Pullman the city鈥檚 fastest-growing neighborhood for new jobs.鈥澛

The case study has and will continue to be used in the curriculum within the impact investing courses at the University of Chicago Booth School of Business.聽

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