July 1, 2013
Cities can share information and explore alternative financing for sustainable infrastructure projects.
Five city mayors, all Democrats, have come out in support of a new for-profit social enterprise aiming to finance sustainable technology projects. The chair and leading force behind The Sustainability Exchange (TSE) is the former, six-term mayor of Chicago and Democratic party boss Richard M. Daley.Daley is affiliated with the Katten Muchin Rosenman law firm. He is also a senior advisor to JP Morgan Chase where he will be chairing a joint project with the Brookings Institution called the Global Cities Initiative. Daley is executive chairman of Tur Partners, the investment and advisory firm where TSE’s Vice Chairman Lori Healey is CEO. Both TSE’s COO and vice president are former employees at Tur.Helping to launching TSE are mayors of New Orleans, Phoenix, Parma, Ohio, Newton, Massachusetts, and South Bend, Indiana. TSE will focus on four areas: energy efficiency, water and wastewater treatment, waste management, and public transportation. It is a designated low-profit limited liability company, or L3C. The structure allows foundations and other socially responsible and impact investors to support TSE’s operations though debt and equity investments, as well as grants.“The L3C is the natural legal platform for TSE. It preserves the financial advantages and governance flexibility of the traditional limited liability company while placing social mission ahead of profits,” say Marc Lane, the author of the L3C law in Illinois.
There are 850 L3Cs according to interSector Partners, an L3C consulting firm.
For information contact TSE, 900 North Michigan, Suite 1730, Chicago, IL 60611, USA. Tel: +1 312 768 4795; Fax: +1 312 212 3001; E-mail:info@TSEcities.com.
Original article can be found online.