As Next City later reported, it wasn’t easy convincing residents and business owners to join the trust’s initial board. Kensington Corridor Trust spent much of its first few years working on its legal structure and governance — while working in parallel to raise funds and begin acquiring properties. Today, Kensington Corridor Trust consists of two layered entities.
At the top of Kensington Corridor Trust’s structure is the actual neighborhood trust, also known legally as a perpetual purpose trust. Under the model, the trust is governed by a trust stewardship committee, which in this case consists of nine members elected from residents and local business owners within the trust’s catchment area. The trust entity holds the deeds to the properties in the portfolio, and the trust stewardship committee makes major strategic decisions like setting rents, determining what types of businesses to allow as tenants, or defining the catchment area — ensuring major decisions align with the trust’s overall purpose and goals. Last year the stewardship committee extended the catchment area by one more block along Kensington Avenue.
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