Thursday, August 20, 2009
Chatham's Hedge Against the Recession
We, at the Chatham Avalon Park Community Council, feel it is high time, during the current economic downturn, for there to be constructive solutions that will positively impact our residents and our community, namely, for the establishment of many bank branches and investment bank branches in Chatham, with the City Council granting tax-favored status to Chatham, that is, zone Chatham for five years where for banking institutions and financial services firms have the right and privilege to do business in Chatham tax-free of local levies like business head taxes, certain property taxes, and city and county income taxes for an initial five year period as long as they hire residents of Chatham in their workforces, train Chatham residents for placement for financial services positions, and most importantly, invest and loan to Chatham residents for real estate mortgages at affordable and competitive rates and the Chatham-based and Chatham-owned businesses for credit facilities that promote growth and expansion. And in so doing, put a bank branch on every block of all of the retail strips, namely down 75Th, 79Th, and 87Th Streets between State Street and Cottage Grove Avenue, and on Cottage Grove Avenue between 75Th and 87Th Streets as well as Chatham Village Plaza, Chatham Ridge Plaza and West Chatham Plaza. In other words, turn Chatham into the Switzerland of black America.