I dont know about other cities in the US and Canada, but in Berkeley, the public library has a tool lending library branch. You just use your regular old library card and you can go borrow a weed whacker, jig saw, hula hoe, leaf blower, cultivator, etc.

Wow, my neighbor and I were just discussing this. In our canyon, though, we've only got about a dozen full-time residents, so we're just communicating with each other the old-fashioned way. She and I are currently buying (50/50) a small flour mill, and she wants to collectively purchase a wood chipper next. We'll probably just tell the other neighbors, since there aren't that many of us.

Afraid I don't have advice for how you could organize it, but I'm curious to see what others say. Perhaps therre's a need for a Web Site that is nationally searchable by area or ZIP code. Or perhaps this already exists? Like Freecycle, but different...

The library program sounds AWESOME, though I'm sure Uncle Sam secretly hates it since it promotes sharing instead of consumerism...

Oops, I'm a little late ... contact the North Portland Tool Library here in Oregon ... www.northportlandtoollibrary.org/ They've been active for four years and are doing very well!