First, Try a Public Buy In

Before any more good ideas for making this town a better place to live end up DOA in a struggle for government bucks, I say we try IPOs instead.

I'm talking about quality-of-life stuff, like a downtown ice skating rink or a riverfront amphitheater or the “multigenerational” recreation center that may or may not be built before my generation is too old to recreate.

I've lived in this town long enough to know that begging for local tax dollars to fund this sort of stuff is an uphill fight.And, frankly, that's appropriate considering all the big fish government has to fry, post flood.

When you can barely cover necessities, it's no time to be funding frills.At least not now.

But that said, we also can't stop investing in stuff that makes a city more attractive to outsiders and livable for those of us already living and working here. Other cities aren't stopping.They're moving ahead.

I say we treat these projects like startup businesses. Let the public buy ownership shares. Instead of thinking big government, think Green Bay Packers, the publicly owned National Football League franchise.

Set up an initial public offering of shares. Make them cheap but not disposable, at least $25 each. Limit the sale to a few weeks to build a sense of urgency. Set a goal, and if you fall far short, refund the money.

Give investors a few perks. Say I buy eight shares in the ice rink for $200. In exchange for that investment, maybe I get half-price skate rentals or half-price admission or access to special events or free cocoa, whatever. If I buy shares in the amphitheater, maybe I get the first shot at tickets. I think this approach accomplishes two things.

First, you raise money for the project and build a user base. For smaller projects, shares might cover the whole thing.

For larger, more ambitious projects, the public offering is like an unofficial vote. If people jump to snatch up shares, it's a signal to local officials, Vision Iowa, the feds, whoever, that this is a popular project worth spending some money and political capital to complete.

Foundations or corporations might also come forward, eager to put their names on it.

Imagine asking for a Community Attraction and Tourism (CAT) grant or a corporate sponsorship armed with news that a legion of citizens has already bought into the project. That's a pretty potent pitch.

If the offering falls flat, it's a signal that the project isn't a public priority. Move on.

I'm sure someone will find multiple flaws in this idea. That's why I'm throwing it out there. Maybe you have ideas. I'd like to hear them.

» Comments: (319) 398-8452 or todd.dorman@gazcomm.com