I think this would be another way to encourage local content. If you help monetize the local video content, you might have a few potential producers out there. Among various forms, local video content could take form of video interviews you do with various members of the community, something like a local community news magazine on TV. In terms of the platform that hosts this content, I think TV stands a much better chance than a website.
Advertising server companies like Packetvision and VoD server vendors like BitBand would need to provide capabilities in their platforms to monetize this video content. I am blogging about the local community content for the second time because I feel there is a genuine demand for such content worldwide. This is an area where Internet has done a very poor job so far. And local video content may not prove to be suitable through an online site since maintenance of the site would require a substantial commitment. Instead if you make such content available over the TV in form of VoD, it might work.