Century Economy for Baltimore 4

Banking for a Baltimore Undivided Confronting Race and Class to Increase Opportunity and Equity for People and Neighborhoods For too long, Baltimore’s people and communities have had little or no say in the direction of the government or how tax dollars are spent. They do not determine how their communities are developed, and so they have watched as government has gone into debt to fund the development of downtown areas - while neglecting the very real needs of neighborhoods throughout the rest of the city. The Baltimore uprising of 2015 brought long festering problems to the forefront and showed that Baltimore needs transformational change - not tinkering with the status quo. The investment strategies and policies for the past 60 years are no longer relevant or feasible. A Joshua Harris Administration is ready to enact enabling legislation to fund investment strategies that make sense in 21st century Baltimore. This plan, based upon successful urban policies from throughout the United States and the world, will empower the residents of Baltimore to decide the future direction of their city. I recognize the community economic challenges facing Baltimore will not be fixed by the next Mayor alone, but by a Mayor who authentically involves community in every strata of a community economic development vision. It will be fixed by the people, first at the neighborhood level and then as a united city, working together for a better future. As Mayor, we will work to ensure the full participation of our residents in creating a united 21st century city. The plan will shift power from City Hall, big developers and Wall Street to people, neighborhoods and communities - because the people who are most affected by Baltimore’s problems are the ones who have the solutions. It will move the city from behind-closed-doors decision making to transparency and participation. As Mayor I will put this plan into action, it will give people greater control over their economic lives, greater input into decisions made by city government and greater involvement in ensuring safety in their communities. My administration will rely upon participatory governance where residents make decisions on community investment, development, education and safety. Rather than massive tax breaks and crony capitalism for out-of-town corporations that take Baltimore’s wealth out of the city, we seek to empower locally-owned businesses that invest in our city, provide living wage jobs and build community wealth. Instead of relying upon the same Wall Street banks that have practiced redlining and refused to provide financing for mortgages or small businesses in black neighborhoods, we will move the economic power to a public Baltimore City Bank that will serve the public interest and provide capital to local community banks and credit unions. The people of Baltimore will set the mission of the bank and make decisions about its spending priorities right here in our city – not in New York skyscrapers. With this approach, the Harris administration will be able to focus on the development of sustainable, healthy and economically viable neighborhoods – in every part of the city, not just the waterfront communities of the wealthy and the well-connected – to unite a divided Baltimore, bring our city into the 21st century, and provide equal access and opportunity to all. Joshua Harris Executive Summary A 21st Century Economy For Baltimore 4 Public Banking for Baltimore 5-6 Baltimore suffers from the economic grip of Wall Street, and the citizens are the ones that end up footing the bill. Public Banking presents an opportunity to break free from the constraints of Wall Street Banks, provide access to capital for new homeowners, as well as loans to small business at lower interest rates than traditional banks. The Harris Administration will create a Baltimore City Public Bank that will hold and leverage property taxes, fees, fines and other sources of revenue, shifting these funds away from current predatory lenders. This new Baltimore City Bank will work with community banks to make capital available to people, communities, and small businesses across the city. An equity focus will ensure that black and brown communities, which have historically been the targets of racist lending policies, will have access to capital to build wealth and opportunity. Property Tax Reduction 7-9 Reducing property taxes in the city is a priority for the Harris Administration. We address the Catch-22, knowing that if we cut property taxes significantly right now, we will take money away from crucial services. If we don’t cut property taxes we will continue to see the population of the city dwindle. To reduce the property tax rate we must increase the wealth of Baltimore’s residents and disinvested neighborhoods, many of which have been overlooked for decades. Healthy and stabilized local economies are key to positively impacting many other social determinants of health in our community. An Economy for tHe People 10-12 The Harris Administration will ensure that city money is used in the best interest of citizens first. The disbursement of funding will be determined through an equity framework that includes a serious overhaul and comprehensive review of our city’s usage of Tax Incremental Financing and other development tools. Community Benefits Agreements will be meaningful and inclusive in all city-financed development. Federal HUBzone initiatives will be used to boost local economy and job creation through federal procurement contracts. Lastly, the Harris Administration will encourage innovative forms of local private investment. Inclusive Community Development 13-14 Baltimore needs a new model of development that puts the people and neighborhoods of the city at the heart of decision-making about how our city develops. This is especially true for the neighborhoods that have been targeted and disinvested from. Baltimore neighborhoods know the most pressing problems they face, but often lack access to the information and resources that could provide meaningful solutions. The Harris administration will pilot a participatory budgeting approach which will set aside a portion of discretionary spending to be allocated by community decision-making processes. Participatory budgeting will decrease fraud, waste and transparency and will increase accountability for government spending. The initial pilot Executive Summary program will focus on the most economically disadvantaged communities and will expand beyond that in later years. Creating Living Wage Jobs tHat Build Community WealtH 15-17 The Harris Administration will prepare the workforce of Baltimore City for the kind of jobs that can create wealth for people, families and communities. To do this requires creativity and a willingness to embrace different types of business. Worker owned cooperatives will be a central element of the Harris economic plan. Cooperatives provide workers with equity in businesses and ensure that these profits remain in the community. Workforce development will be geared toward training workers in new industries that can help the city grow and remain competitive. Industries like agriculture (including legal marijuana), clean energy, real estate, and transportation can provide great economic opportunity for the city and the Harris Administration will ensure workers are prepared for the jobs that will be created. Economy of the Future 18-19 We must create a new economy that addresses the local and global challenges of the 21st century. The Harris Administration will expand access to clean and distributed energy systems and train the workforce to create, install and maintain it. High speed municipal WiFi will ensure that all residents have the opportunity to access information and resources. Preparing for emerging markets such as the legalization of marijuana can be catalyst for wealth building in communities historically disenfranchised. The formation of Community Land Trusts will allow affordable housing and business opportunities far. Baltimore Beyond the Economy 20-21 “It’s time to invest in the people of Baltimore, rather than in waterfront properties. I want to follow the people, planet, profit model, understanding that our citizens and environment come first.” A 21st Century Economy for Baltimore Baltimore is in a financial crisis, staving off economic collapse after decades of a shrinking population, high joblessness and misuse of development dollars. Unlike previous Mayors, Joshua Harris knows that cutting services, delaying infrastructure improvements and selling off income producing assets is not an economic development strategy. A new economy is needed in Baltimore: one that grows wealth in our communities, is sustainable and transparent, and where people - along with their neighbors - decide how development occurs in their community. The Harris administration will re-make banking to create a public Baltimore City Bank, so that we will no longer be dependent on Wall Street firms with their high interest rates and fees that extract taxpayer dollars and strangle the Baltimore economy. Residents of Baltimore are burdened with high property taxes to cover debt and fees to Wall Street banks. In contrast, the Baltimore City Bank, along with better management of existing public resources, will provide the financing for a real, community-driven economic growth strategy. The Harris administration wants local communities to determine how this development happens, and will use participatory budgeting to allow residents to decide

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