The Bay Area News Project (that nonprofit start-up involving Wells Fargo heir F. Warren Hellman (right), KQED, the Berkeley j-school) has posted help wanted ads for its chief executive and executive editor.

Neither posting gives a salary range.

Things the CEO is required to possess include an “ability to foster and encourage smart risk-taking and experimentation.” The CEO must also be “a visionary with well-developed people management skills, strategic thinking, and a demonstrated ability to inspire.”

The two-page job description for the editor says he or she will lead the project’s “team in creating a new model for sustainable journalism that advances the latest technology, and experiments with innovative ways of engaging and interacting with the public, while retaining journalistic values and best practices.”

Besides job listings, the project’s Web site also has an FAQ. However, there is no mention on it about the possibility that local governments might provide some of the funding for the project. However, it does say that project will serve as a government watchdog.

In Chicago, a similar nonprofit news operation is starting with former LA Times and Chicago Tribune newsroom leader James O’Shea at the helm, according to Chicago Tribune media writer Phil Rosenthal. Like the Bay Area News Project, the “Chicago News Cooperative” intends on providing copy to the New York Times. The Times is doing local inserts in both cities.

In Chicago, there’s no talk of government funding.

A major funding source is the John D. and Catherine T. MacArthur Foundation, and CNC is looking for additional support from other foundations and individuals. The New York Times will pay CNC for the content it provides, as it does other news services. 

The goal of CNC is to generate enough revenue from multiple streams, such as membership fees, advertising and service, to be self-sustaining within five years.