SD Residents get to own a piece of their neighborhood
Monday, March 6, 2006
offering in the United States. KPBS Reporter Ed Joyce has more.
The IPO is the result of a long-term partnership between area residents and the Jacobs Center for Neighborhood Innovation.
What once was a rundown industrial area has been transformed into a commercial and cultural center called Market Creek Plaza. And now, 450 qualified neighborhood residents will have a chance to own a percentage of it.
The President of the Jacobs Center for Neighborhood Innovation is Jennifer Vanica. She says the unique offering is a way to recycle profits back into the neighborhood.
Vanica: This one is structured so that you don't have to meet the really high income and assets tests that you would normally have with an IPO or a public offering and it really gives that priority to residents.
Vanica also says the IPO allows the neighborhood more control over future development. Ed Joyce, KPBS News.
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