Worcester Mayor And Councilor File Order To Create Funding Model

WORCESTER, MA - Mayor Joseph Petty and District 2 City Councilor Candy Mero-Carlson filed two orders together to create a new, formal model for how the city and local colleges can create jobs, housing and tax base expansion.

"We need a new construct and parameters in how we work with our colleges and universities," Mero-Carlson said. The move comes as a response to Worcester Polytechnic Institute, Holy Cross and other local colleges acquiring multiple taxpaying properties in the city at a total value of nearly $64 million.

It also comes from decisions filed in City Council last September in favor of an order filed by Mero-Carlson requesting the city manager to promote new zoning ordinances. These would require colleges, universities and nonprofits to publicly file a 10-year master plan with the city about their plans.

The recent property acquisitions, coupled with multiple local colleges and university presidents defunding the Higher Education Consortium of Central Massachusetts, have warranted formal steps that would establish partnerships for the benefit of the city.

"Our colleges and universities are an asset to Worcester in many ways," Mayor Petty said. The total endowment of Worcester's five private colleges and universities is roughly $3.88 billion. The joint orders would also introduce steps for them to invest annually in local community impact funds.

The two orders are described by the city as:

• "Request the City Clerk place on the ballot for the November municipal election the following ballot question: 'Do you support requiring our private colleges and universities to invest 0.5% of their endowment into a community impact fund to be administered locally to help finance needed housing, economic, and community development projects?'
• Request the City Manager consult with the Worcester Regional Research Bureau and Greater Worcester Community Foundation to research examples of local community impact funds or loan pools currently in existence and their manner of operation within the United States."