At the Last Subcommittee Meeting…

You can find the previous meeting minutes here.

The Finance, Banking, & Business subcommittee had its last meeting on Wednesday, July 14th.

Subcommittee members were given an overview of the proposed timeline for developing policy ideas for Task Force review. The Task Force will begin reviewing the draft policy ideas submitted by each subcommittee during their August meeting. It is expected that the Task Force will finalize their recommendations by September 2021.

By the end of the subcommittee meeting, members were able to select their top three draft policies that they would like to submit to the Task Force for review.

The first draft policy is to create a city-staffed business incubator. This would give small business owners their own space to seek relevant resources and assistance from knowledgeable city staff. These offices would ideally be located directly in areas like the northwest and southeast.

The second draft policy is to develop and support initiatives that solicit bids to small/medium businesses. This is to ensure that small/medium businesses are properly informed and represented in the process, especially minority-owned businesses. This also includes reviewing if the guidelines for selecting small/medium businesses are enforced (if there are any).

The third draft policy is to incentivize financial institution offices (like credit unions) to locate to lower-income communities with the goal of investing in homeownership. This would be through the lens of interaction between minorities and financial institution offices. Subcommittee members agreed that one of the keys to wealth was addressing homeownership, especially minority homeownership.

Upcoming Subcommittee Meeting Information

The next (virtual) Finance, Banking, & Business subcommittee meeting is next week on Wednesday, August 11th, 2021 from 5:30 – 7 p.m. Members will continue reviewing and finalizing their chosen draft policy ideas for the Task Force to review.

Zoom link to join:

The Task Force will begin reviewing subcommittee draft policy ideas during their August meeting on Thursday, August 26th, 6 – 7:30 p.m. More details to come.

Remember, you’re allowed to ask questions and make comments at these meetings! We’d love to see you there!

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