The mayor will ask Akron City Council to establish the new funds from the revenues that come to the city from its four Joint Economic Development Districts(JEDDs). The new funds will be called The Greater Akron Fund for Economic Development and The Greater Akron Fund for Culture and Community Events.

"Those who are employed in our JEDDs already enjoy the benefits of the regional initiatives that Akron supports," said the mayor. "It is fair to the townships and fair to the taxpayers of Akron that we finance the efforts that have a regional impact from the monies that are collected from outside the city."

Akron collects revenues from JEDDs in Copley, Springfield, Coventry, and Fairlawn/Bath that total about $14 million annually. From this amount, the city pays the costs of the water and sewer improvements in the township where development occurs. Net JEDD revenues are divided among Akron Public Schools, funds for economic development projects and township projects, and the city’s operating and capital improvements funds.

Under Plusquellic’s proposal, a fund that was created in 2000 to finance land development rights in townships would be integrated into other funds.

"Under this proposal, I would expect to set aside approximately $1 million each year to finance those projects that are really bigger than Akron itself,"said Plusquellic. "Much of what the city does benefits everyone in the area. We should be underwriting large community initiatives with a different pool of revenue."

As an example, Plusquellic cited the city’s substantial efforts over the past decade to attract foreign business investment to Greater Akron. City officials, including the mayor, attend trade fairs annually in Hannover and Dusseldorf, Germany, and have led business development missions to France and Israel. Yet, as Mayor Plusquellic notes — the entire region has benefited from the efforts Akron co-sponsors with the Greater Akron Chamber and Summit County government.

GAC records show that of 23 separate foreign investments made in the region since 1994, (nine from Germany, five Dutch firms, three from the U.K., and two each from France and Asia) six firms located within the city of Akron and 17 in the region. As a result of these investments, more than 500 Greater Akron residents are employed in these firms.

"When we go overseas to bring jobs to Akron, we bring jobs to the entire region," said Plusquellic. "This new fund from JEDD revenues will help finance our economic development efforts to market the entire region, without relying only on Akron tax dollars."

The Greater Akron Fund for Culture and Community Events will be used to support many of the arts and cultural activities currently sponsored by the city, and perhaps new arts initiatives in the future.

"As an example, the City of Akron is the largest single donor to Ohio Ballet," said the mayor, "but the entire community enjoys their performances."

Since 1991, the City has provided more than $1 million to the Ohio Ballet, and a like amount to the Akron Civic Theatre; $1,400,000 to the Akron Art Museum, and $600,000 to the Akron Symphony. The city also underwrites downtown music performances each summer, Lock 3 Live! and the popular Holidayfest which gets underway next week.

"We make events at Lock 3 available to everyone regardless of where they live, at low cost or no cost," said Plusquellic. "The city also provides financial support for the Akron Marathon, the Soap Box Derby and dozens of other events where participants and spectators come from across the entire region."

Since 1991, the mayor and Akron City Council have directed substantial support to the development of arts in Akron. The city has made direct contributions to arts organizations in excess of $5 million, capital contributions of $10 million, and loan guarantees (with Summit County Government) of $18 million.

The city will continue to fund arts programs such as ceramics, music, and dance that are offered through the city’s recreation bureau.