(La Porte, IN) - If elected, a candidate for mayor in La Porte said he wants to create a way for the public to become investors in the city to maximize the benefits of local dollars staying in the community.

 

Democrat Ron Zimmer said people would be given the opportunity to contribute financially, and that those dollars would be held in a trust. A board of directors would be appointed and decide the type of businesses to open with that money, based on things like feedback from the investors.

 

“If I had, let’s say, 30,000 people invest $1,000, all of that money would go into there at three percent interest.  You don’t even have to live in the city. The Green Bay Packers are owned by their fans and some people in the La Porte area own stock in the Green Bay Packers,” he said.

 

Zimmer said the investors would become partial owners and receive dividends from the profits, which would provide incentive for those businesses to remain open long term.  He said more local residents would also have job opportunities. 

 

He spoke further saying local dollars, used locally, make much more of an economic impact on cities than businesses with outside owners whose profits mostly leave cities.

 

Zimmer, who ran for mayor twice previously, said a flea market and roller rink are among the new businesses he would push to bring here to attract more people and money into the city.

 

The retired Ford Motor Company worker is facing incumbent Mayor Republican Tom Dermody in the November election. 

 

Zimmer said his campaign is self-funded.

 

He was outside City Hall, listening to the concerns of residents from the area of Rumely St. before the city council on Monday night approved low income housing for the homeless in their neighborhood.

 

Zimmer said he likes the idea, but he would prefer such a facility go into a new building at the old La Porte Hospital site.