Financial Capital: Lake Bluff, IL

Financial capital is all the resources available to invest in community capacity building, to underwrite business development, to support civic and social entrepreneurship, and to accumulate wealth for future community development (Green and Haines, 2016).

 

Lake Bluff has about 2,079 total households and the median household income is abut $133,179 and the mean household income is $184,021 (DADS, 2014). The household incomes for this village are a lot higher than average. Lake Bluff is definitely a more affluent area. The unemployment rate of the town is at a low 3.3% in 2014 (DADS, 2014). Lake Bluff is an expensive place to live, having some of the highest property taxes in the area at about $15,798.14 in 2012 (Fawcett and Says, 2014). The village of Lake Bluff adopts a variety of taxes in order to finance its annual operations.

The Chamber of Commerce in Lake Bluff is a family of about 500 businesses and organizations that provides community support, collaboration, investment opportunities and success (Chamber of Commerce, 2016). This organization serves as the principle representative in its market area in order to contribute to its members’ success and prosperity, and promote the economic and civic interests of the community (Chamber of Commerce, 2016). Not only does this community organization bring a lot of social capital to the village, it also provides the opportunity to increase financial capital through business connections and investment opportunities.

 

References

Data Access and Dissemination Systems (DADS). (2014). American FactFinder – Results. Retrieved November 07, 2016, from American Community Survey
Fawcett, A., & Says, R. L. (2014). Property Taxes in Lake Forest and Lake Bluff: How We Stack Up. Retrieved November 07, 2016, from http://jwcdaily.com/2014/01/16/property-taxes-in-lake-forest-and-lake-bluff-how-we-stack-up/
Green, G. P., & Haines, A. (2016). Asset building & community development (4th ed.). Los Angeles: SAGE.
Chamber of Commerce (2016). Retrieved November 07, 2016, from http://www.lflbchamber.com/pages/AbouttheChamber