March 2010 Newsletter


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Fund for Our Economic Future March 2010 Newsletter

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March 2010 Newsletter

  1. 1. F U N D F O R O U R E C O N O M I C F U T U R E March 2010 Members Newsletter Members Approve $7.8 Million Grant Budget For 2010 At the March 3 Funders Committee meeting, members of the Fund for Our Northeast Ohio by Economic Future approved a 2010 grantmaking budget of $7,810,000 to continue the Numbers support of regional efforts that strengthen Northeast Ohio’s economic competitiveness. The Fund is scheduled to consider awarding grants in June to the following six regional economic development initiatives: 1 Vote Yes on Issue 1 and renew the Third Frontier initiative 1,200 General Motors ffef recently added 1,200 workers in Lordstown 155 Ford Motor Co. will invest $155 million at its Brook Park facility “The region’s philanthropic organizations, individually and through the Fund for Our Economic Future, are committed to supporting efforts that grow companies, attract investments and create jobs,” said David Abbott, chairman of the Fund and executive director of The George Gund Foundation. “Since 2004, the Fund has been a strong advocate for developing a collaborative, regional approach to the economic challenges and opportunities in Northeast Ohio, and we will continue in that role in 2010 and beyond.” The Fund’s third, three-year phase began on March 1. Over the next three years, the Fund anticipates having a grantmaking budget of approximately $20.5 million, which is 12% smaller than the $23.2 million in grants the Fund awarded in the previous three-year phase. ffef March 2010 Members Newsletter
  2. 2. GAR, Burton D. Morgan Foundations Commit to Phase 3 GAR Foundation and The Burton D. Morgan Foundation have pledged $1.5 million and $150,000, respectively, for the continued support of the Fund for Our Economic Future. Both grants, which will be paid over three years, reflect the foundations’ longstanding commitment to regional economic development. “The Burton D. Morgan Foundation has played an important role in helping to shape the Fund’s entrepreneurship agenda over the last six years,” said Deborah Hoover, president of The Burton D. Morgan Foundation. “Through our commitment Northeast Ohio by to Phase 3 of this vital initiative, we look forward to contributing not only financial the Numbers resources, but also leadership and expertise to advance the Fund’s work.” Both foundations have devoted substantial time and effort to the leadership 250,000 of the Fund, including GAR Foundation President Robert Briggs’ tenure as the first JumpStart invested chairman of the collaboration. $250,000 in Melody Management, “The Fund’s focus on truly strategic objectives with a strong collaborative a software firm serving the approach to economic development is unprecedented locally, and rare on a national music industry scale,” said Briggs. “Recognition of the Fund’s success has grown, and plays an increasingly important role in bringing national foundation attention and resources to 3 the region, as evidenced by recent interest in the Fund by the Joyce and Surdna foundations. We at GAR really value the leverage our support provides for the region.” The Fund aims to attract at least $15 million for the new three-year phase of guiding The North Coast Angel and spurring the region’s economic growth. “While significant progress has been Fund plans to finance made, much transformative work remains to be accomplished,” Hoover said. three more companies over the For Phase 3, which formally began March 1, the Fund has raised $9,781,500 next three months from 32 members and five participants. 4 For the fourth straight year, Ohio is the winner of Site Selection magazine’s Governor’s Cup for being the busiest state for economic development Pg. 2 1 4 2 2 E u c l i d A v e n u e , S u i t e 1 5 1 0 , C l e v e l a n d , O h i o 44115 • 2 1 6 . 9 2 5 . 4 9 0 0 • w w w . f u t u r e f u n d n e o . o r g
  3. 3. EfficientGovNow Round 2 Attracts Widespread Interest The Fund for Our Economic Future’s continuing effort to encourage government collaboration, EfficientGovNow, has received a strong response from Northeast Ohio governments. Ideas for collaborative projects between at least two Northeast Ohio government entities were due on February 26 to be eligible for round 2 of EfficientGovNow. The Fund, which will award as much as $330,000 total to as many as four projects, received 50 abstracts. “With local governments across 15 counties participating, we are tremendously Northeast Ohio by encouraged by the number of leaders who are ready to step forward to find a better, the Numbers more collaborative way to provide public services,” said Brad Whitehead, president of the Fund. 18.7 Over the past few months, the Fund staff and partners at Kent State University have traveled around the region talking about the program and encouraging OneCommunity received $18.7 governments to apply. The response has been overwhelmingly positive. million in stimulus money to help The government collaboration ideas submitted in the second round of poor residents in Ohio and four EfficientGovNow cover an array of collaboration and efficiency opportunities ranging other states get high-speed Internet from regional information technology systems and green energy to shared facilities access and learn to use it and storm water systems. “The response to EfficientGovNow continues to tell us that the opportunity for 300,000 collaboration and cooperation is everywhere,” said Whitehead. The first occupant secured A committee is examining the abstracts to ensure that they meet the requirements for the Mills Business Park in of focusing on implementation (not planning) and demonstrating how some or all cost Canton, Medline Industries, plans to construct a savings will be used to further increase economic competitiveness. After reviewing all 300,000 sq. ft. facility qualified project ideas and inviting full proposals, the Fund will announce the round two finalists on April 30 and public voting will take place from May 1 through May 31. 2 The Fund will announce the award recipients in early June. For more information, visit Wayne County ranked as the second-most active micropolitan in the country for 2009, matching its highest-ever ranking in Site Selection magazine With the support of a grant from the John S. and James L. Knight Foundation, EfficientGovNow is producing news stories and other material to increase public awareness of the government collaboration proposals. To add to existing efforts, award- winning journalist Bob Paynter has been retained to cover the progress of the program. Find his stories and more at The Fund plans to further expand journalism and citizen engagement ffef efforts beyond the EfficientGovNow program later this year. Pg. 3 March 2010 Members Newsletter
  4. 4. MBA 2.5+ Portfolio Company Closes $3.7 Million Subcontract Price Builders & Developers, a Minority Business Accelerator 2.5+ portfolio company, has landed a $3.7 million subcontract for a 2,080-car parking garage to be Northeast Ohio by built near the Louis Stokes Cleveland VA Medical Center. Price Builders, which provides the Numbers general contracting and construction management services, as well as self-performing 2 interior finishes, will perform rebar installations for the project. The Stark-Tuscarawas-Wayne In business since 1999, Price Builders’ President David Price credits the MBA Joint Solid Waste Management 2.5+ with helping to improve management practices, as well as increase access to District has asked the federal valuable contacts and tools. government for $2 million Recently, Price Builders completed iron work for the new University of Akron to develop a small-scale fuel cell to use methane gas to football stadium and major projects at the Cleveland Clinic, University Hospitals and generate electricity University Circle. Fund Welcomes New Members to Steering Committee At the quarterly Funders Committee meeting, three new members were elected to the Fund’s Steering Committee as at-large members: Stuart Cordell As a partner at Warren and Young PLL, Stuart practices in the areas of business Stuart Cordell Partner, law, corporate law, real estate law, probate and estate planning. He is a member of Warren and Young PLL the Cleveland Bar Association, trustee of the Ohio State Bar Foundation, member of the Council of Delegates of the Ohio State Bar Association, president of the Civic Development Corporation of Ashtabula County, and trustee of the Growth Partnership for Ashtabula County. Sandra Hodge As special assistant for community & government relations at Oberlin College, Sandra plays an important role in the college’s work with the city of Oberlin, the Oberlin Public Schools, community organizations, the state of Ohio, and the federal Sandra Hodge government on education, environmental, economic development and partnership Special Assistant Community & initiatives. She has a long history of civic engagement and currently serves as vice Government Relations, Oberlin College chair of the Allen Community Hospital Board of Directors. Sandra has also served as a member and vice chair of the Oberlin City Council. John Sherwin Jr. The president of the Sherwick Fund of the Cleveland Foundation, Jack has been active with the Fund from the beginning. He is president of Mid-Continent Ventures and has served Northeast Ohio on many nonprofit boards, including the Cleveland Clinic, Holden Arboretum and John Carroll University. He also helped establish the Lake-Geauga Fund of the Cleveland Foundation. John Sherwin Jr. A fourth at-large member of the Steering Committee will be elected at a future President, Sherwick Fund of the Cleveland Funders Committee meeting. Foundation Pg. 4 1 4 2 2 E u c l i d A v e n u e , S u i t e 1 5 1 0 , C l e v e l a n d , O h i o 44115 • 2 1 6 . 9 2 5 . 4 9 0 0 • w w w . f u t u r e f u n d n e o . o r g