Bank of America 2002 Environmental Progress Report
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section one
section two
section three
section four
section five
section six
section seven
section eight
section nine
section ten
appendix one
appendix two
SECTION FOUR

Community Participation and Accountability

B ank of America understands the importance of interacting with nonprofit organizations, government agencies and community groups; both at a national level and locally in the communities we serve. Through this interaction, Bank of America better understands the integration of issues and needs. The Bank of America Environmental Commitment recognizes that the environment can't be protected in a vacuum. Sustainable solutions must be integrated with social and economic needs Therefore, it is important to communicate and understand the issues and work toward solutions that support the environment, the quality of life in our communities and the economy. The following activities are examples of this interaction.

 

SMART GROWTH BUSINESS PRACTICES

What is Smart Growth?

pedestrians Smart Growth is a collaborative regional planning program that integrates the efforts of business, government, community and environmental representatives to create regional growth solutions that provide economic success, environmental protection and equitable opportunities for all segments of a community.

The goal of Smart Growth is not no-growth or even slow-growth. Rather, the goal is sensible growth — growth that plans for jobs and economic development while respecting the natural environment. Examples of Smart Growth include:

  • Regional planning
  • Redevelopment on property that is, or perceived to be, contaminated (brownfields)
  • Protection of open space and ecologically valuable lands
  • Redevelopment in city-center areas that have been abandoned or fallen into disrepair
  • Mixed-use developments
  • Mixed-income housing

The Bank of America commitment to Smart Growth

Through community development lending, contaminated properties redevelopment, regional planning and inner city revitalization, Bank of America supports sustainable metropolitan prosperity.

The bank's strategy is to work in partnerships at national, regional and local levels. Our Smart Growth partners include:

National Smart Growth Collaboration
In 2002, Bank of America supported the following important national programs:

  • The Urban Land Institute (ULI). A partnership between Bank of America Real Estate Banking/Bank of America Foundation and the Urban Land Institute (ULI) to foster more informed and collaborative efforts among Smart Growth stakeholders including the development and building industry. This partnership also supports ongoing ULI national smart growth policy forums. Bank of America Real Estate Banking and Community Development Banking and Environmental Initiatives participate in ULI district councils or state ULI smart growth efforts in California, Florida, Texas, South Carolina, Mid-Atlantic and Georgia.
  • Alliance for Regional Stewardship. This organization works to foster collaborative regional stewardship as a means for accelerating economic, social and environmental progress, while maintaining a sense of place, in America's metropolitan regions. The Alliance is a national, peer-to-peer network of regional stewards who benefit by sharing experiences and working collaboratively on innovative approaches to common regional challenges. These stewards come from business, government, education and community sectors Regional organizations in California and North Carolina were also supported through the bank's Alliance relationship.
  • Funders Network for Smart Growth and Livable Communities. The Bank of America Foundation participated in the Funders Network for Smart Growth and Livable Communities as a member of the managing committee. The Network, launched on April 5, 1999, is an affinity group of foundations that does research on Smart Growth in order to inform and strengthen philanthropic funders' individual and collective abilities to support and connect organizations working to improve quality of life, create better economies, build livable communities and protect and preserve natural resources. It is designed to be an active resource and focal point for foundations, nonprofit organizations and other partners working to positively affect the environmental, social and economic issues exacerbated by suburban sprawl and urban disinvestment. The bank also funded and participated in the Network's Real Estate Finance and Smart Growth project. See work papers and information regarding the Network at http://www.fundersnetwork.org.
  • Local Government Commission's Anwahnee Awards for 2001-02. Bank of America sponsored these awards which recognize exemplary projects that further the creation of more livable, pedestrian-oriented and transit-based communities throughout 14 Western states.
  • The Trust for Public Land (TPL). Bank of America provided a grant to support Greenprints for Growth projects in California, Florida, Georgia and North Carolina. These projects supported TPL's effort to work with communities and support urban green infrastructure such as parks, playgrounds, and safe walks. Bank associates in North Carolina and Florida serve on TPL state advisory boards.

Community Development Banking. Long an advocate for inner city redevelopment, the work of the Bank of America Community Development Banking group supports projects, policy and partnerships needed to make our inner city communities economically and socially viable. See information including the use of historic tax credit investments to rehabilitate historic buildings at http://www.bankofamerica.com/community/index.cfm?template=overview.

The bank sponsored and participated in a "Managing Change in Urban Neighborhoods" symposium; which grappled with changing communities and gentrification issues. See the summary of findings from the symposium at: http://www.bankofamerica.com/community/index.cfm?template=cdb_researchrpts.

In 2002, Bank of America launched its AmericaBlock by Block® program, a five-year neighborhood revitalization effort focusing on four pilot cities throughout the United States (Anacostia, Washington, D.C.; Los Angeles, Tampa Heights, FL; West Oakland, CA. America-Block by Block® will:

  • Use a variety of the bank's financial and technical resources
  • Mobilize other private sector, public sector and community assets
  • Track impact with baseline and benchmark measures
  • Create a model for best practices

Regional Smart Growth Collaboration
The Bank recognizes that smart growth planning is more effective if the community is involved in the process. Since each community's growth usually affects a much larger area, regional collaboration is needed to sustain the infrastructure supporting the economy, environment and social fabric for all the communities affected by growth. In 2002, Bank of America was involved with numerous collaborative efforts that support regional growth solutions.

  • Bay Area Alliance for Sustainable Communities. The alliance is a regional coalition of stakeholder organizations launched in 1997 to address the challenge of meeting the sustainability needs of the San Francisco Bay Area. The alliance focuses on transportation, housing, environmental quality, land use, education and economic development. Its mission is to improve long-term economic competitiveness by promoting economic growth while simultaneously strengthening environmental quality and social equity. The overall goal is to reach consensus on a new regional "compact for sustainability" that can be endorsed and implemented by a majority of the stakeholder organizations and local governments in the Bay Area. A bank associate participates in the coalition. In 2002, the Bank joined with the Bay Area Council in sending a letter of support for the California Governor's Office of Planning's smart growth projects.
  • Charlotte Center City Partners. This group, which promotes uptown development in Charlotte, N.C., has spearheaded much of the office, commercial and residential growth in the center city.
  • Chicago Metropolis 2020. This nonprofit is an affiliate of the Commercial Club of Chicago. It recommends and facilitates implementation of a series of actions and policy initiatives designed to strengthen the region's economic vitality and enhance the quality and equity of life for all citizens.
  • Metropolitan Planning Council. The Metropolitan Planning Council (MPC) is an independent, nonprofit, civic organization of business, civic and planning leaders working in the public interest to achieve public policy that enhances the vitality and livability of the six-county Chicago metro area. MPC mobilizes leadership around regional issues of housing, transportation, land use, taxation and urban development. A Bank of America associate is on the board.
  • Voices & Choices. This North Carolina grassroots Smart Growth coalition for the 14-county Greater Charlotte-Mecklenburg region is pulling together a regional agenda that can be addressed by local governments. A Bank of America associate chairs the coalition's regional task force on Air Quality.

BROWNFIELDS REDEVELOPMENT

Brownfields are idle or underused properties that have an element of real or perceived contamination. Returning these properties to productive use is a Smart Growth strategy that will generate jobs and tax revenues in older urban areas, where most brownfields are located. Such redevelopment can help concentrate economic activity in established urban areas and reduce expansion pressures on the urban fringe.

In 2002, Bank of America continued to support brownfields redevelopment by leveraging internal resources such as the bank's Environmental Services Department and Community Development Banking. Bank of America has made efforts to finance brownfields redevelopment and work with community and government agencies to make investment in brownfields more attractive to the private sector.

NATIONAL BROWNFIELDS PARTICIPATION

  • A Bank of America associate serves as chair of the Brownfields Work Group of the U.S. Environmental Protection Agency's Environmental Finance Advisory Board, specifically providing advice on federal brownfields tax incentives.
  • A Bank of America associate serves on the advisory board of the National Brownfields Association, an organization formed to facilitate the redevelopment of distressed urban properties by advancing technical, legislative and financial efforts. Participation in the National Brownfields Association links Bank of America to premier brownfields redevelopers nationwide.

      • REGIONAL BROWNFIELDS COLLABORATIONS

      California

      • California Environmental Redevelopment Fund—Through its Community Development Banking group, Bank of America invested in the California Environmental Redevelopment Fund (CERF).CERF provides debt financing for the investigation and cleanup of contaminated properties that have viable redevelopment potential but carry a higher risk profile due to the environmental conditions. Bank of America associates participated in the planning and implementation of this fund. Currently, Bank of America has representation on both the board and investment committee.

      Florida

      • Broward County Redevelopment Task Force—A Bank of America associate serves as vice chairman and chairman of the Finance and Insurance Committee of this task force. The task force's primary responsibilities are recommending local brownfield policies and recommending sites for brownfield designation.

      Illinois

      • Illinois Site Remediation Advisory Committee—A Bank of America associate serves on this committee. Appointed by the governor, this committee works with regulators to establish remediation guidelines relative to hazardous waste sites. They also consider environmental impacts to natural resources and environmentally sensitive areas.

       

      OTHER PARTNERSHIPS WORKING ON ENVIRONMENTAL SOLUTIONS

      • American Forest. Mecklenburg County, North Carolina recently participated in a tree canopy analysis project called Piedmont Green. A Bank of America associate participated on the Advisory Commission. Using data acquired through satellite imagery and aerial photography, American Forests conducted this groundbreaking canopy study, which resulted in the Urban Ecosystem Analysis for the metropolitan region. Using the American Forest CityGreen software tool that accompanies the analysis, planners can now calculate the dollar value of services that trees perform, including reducing storm water runoff costs, mitigating poor air and water quality, saving summer energy costs, and storing and avoiding carbon dioxide.
      • California Environmental Dialogue (CED). CED is a collaboration of some of California's leading corporate, environmental and public policy leaders. The organization is committed to strengthening environmental protection while reducing costs and improving economic efficiencies. The members share a belief that environmental protection and economic prosperity go hand in hand.
      • Coalition for Environmentally Responsible Economies (CERES). In 2000, Bank of America reaffirmed its endorsement of the CERES Principles. By adopting these principles, Bank of America publicly affirms its belief that corporations must be good stewards of the environment. Companies that endorse these principles pledge voluntarily to go beyond the requirements of law. Through this relationship, Bank of America has engaged in mutually beneficial dialogues to strengthen interaction among the business, environmental and socially responsible investing communities.
      • Environmental Bankers Association (EBA). This trade association is dedicated to the promotion of environmental risk management and environmental awareness within the financial services industry. A Bank of America associate serves on the board.
      • United States Environmental Financial Advisory Board. This federal agency group provides advisory services to the USEPA Administrator on the financial implications of environmental regulation and enforcement with an emphasis on innovative financing of environmental programs. A Bank of America associate has been appointed to a fourth two-year term.
      • Silicon Valley Manufacturing Group. The Silicon Valley Manufacturing Group (SVMG) is organized to involve principal officers and senior managers of member companies in a cooperative effort with local, regional, state and federal government officials to address major public policy issues affecting the economic health and quality of life in Silicon Valley. Currently, SVMG addresses the following five core issues: affordable housing, comprehensive transportation, reliable energy, quality education and a sustainable environment. A Bank of America associate is a board member.
      • SOLV. This nonprofit organization brings together government agencies, businesses and individual volunteers in programs and projects to enhance the livability of Oregon. Volunteer projects include beach cleanups, stream restoration and enhancing neighborhoods. The Bank of America Oregon Market President is a member of the SOLV Founder's Circle.
      • Sonoma County Business Environmental Alliance. This alliance of business, environmental and government leaders is dedicated to promoting good environmental business practices. By focusing on best practices, many of which have economic benefits, the Alliance hopes to engage other business owners. A Bank of America associate is a co-chair.
      • Valley Forward. The Valley Forward Association brings business and civic leaders together in the Phoenix, Arizona region to improve the environmental and quality of life in Valley communities. Several Bank of America associates are members of the coalition.

       

      SPONSORSHIPS AND GRANTS

      During 2002, Bank of America and the Bank of America Foundation funded $721,500 in grants to organizations involved in environmental efforts. This giving focused on collaborative efforts and environmental preservation or supported Smart Growth efforts.

       

      ASSOCIATE VOLUNTEER ACTIVITIES

      Bank of America supports associate volunteerism through Team Bank of America, a worldwide organization where associates can learn and develop new skills, volunteer in the community and network with one another.

      The five networks of Team Bank of America are:

      • Diversity Network
      • Environmental Network (described in Section Two)
      • Recreation Network
      • Speaking Network
      • Volunteer Network

      More than 650,000 hours are devoted to local causes each year.

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