Policy Order O-16

WHEREAS: The City of Cambridge has long been a hub of innovation, ideas and most importantly action; and

WHEREAS: The most readily available action any city can take to diminish the effect of the national economic crisis on its residents is to help strengthen its local economy; and

WHEREAS: Examples abound of cities where a grassroots movement committed to leveraging the ‘multiplier effect', wherein money spent at locally-owned businesses contributes 57% more to the local economy than does money spent at non-locally owned businesses, has helped give residents more healthy, vibrant, and sustainable communities; and

WHEREAS: Cambridge is fortunate to have hundreds of unique and popular locally owned and independent businesses that are critical components to a strong local economy; however, In these hard economic times owning a business has become even more difficult; and

WHEREAS: That hardship necessitates a more pro-active approach by municipal governments to support local economic development in order to realize a positive impact for residents in the local economy; now therefore be it

ORDERED: That the City of Cambridge declares itself a "Local Economy Community" welcoming and supportive of local entrepreneurship; and

ORDERED: That the City of Cambridge declares September 26

ORDERED: That the City Manager is hereby requested to report back to the Economic Development Committee of the City Council with recommendations for how the City of Cambridge can:

ORDERED: That the Economic Development Committee's Local Economy Taskforce continue to identify and develop policies that directly support the growth and development of locally owned and independent businesses in Cambridge; and