Discuss Detroit Archives - Beginning January 2007 $100M fund for Detroit coming? Previous Next
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Lowell
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Username: Lowell

Post Number: 3759
Registered: 10-2003
Posted on Monday, April 02, 2007 - 1:32 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

So asks the lead article of Crain's:

quote:

$100M fund for Detroit coming?
Ford Foundations commits $25 million to development effort

By Sherri Begin

6:00 am, April 1, 2007



The Community Foundation for Southeast Michigan is quietly pulling together an economic-development fund that sources told Crain's Detroit Business could grow to $100 million.

Those sources say the six- to seven-year project will have the nonprofit sector playing an unprecedented role in economic development.

The New York City-based Ford Foundation said last week it had committed $25 million to the yet-to-be-announced economic-development effort.



Other foundations either have committed funding to the project or are considering funding the project, but they declined to discuss it until the Community Foundation releases details at a later date.

The Community Foundation declined to comment on the project.

Foundations already are playing a key role as a catalyst to economic projects throughout the region.

The Ford Foundation earlier committed $2 million to the Detroit Riverfront Conservancy's RiverWalk project, $5 million to the Community Foundation for neighborhood development in Detroit and $8 million in grants and low-cost loans to ShoreBank Enterprise Detroit to spur new economic development in Detroit.

The Miami-based John S. and James L. Knight Foundation pitched in an additional $3.9 million to the ShoreBank program, which is focusing half of the total or $6 million in the six neighborhoods included as part of Detroit Mayor Kwame Kilpatrick's Next Detroit Neighborhood Initiative.


ShoreBank said in January that it expects the grants and loans to spur at least $20 million in additional public and private investment in the six Detroit neighborhoods.



The Troy-based Kresge Foundation contributed $50 million its largest grant ever to the Detroit Riverwalk, $7 million to the Lower Woodward Gap Financing Fund for development of lofts along Woodward and $2 million toward the renovation of the Eastern Market sheds.

full article

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Gistok
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Username: Gistok

Post Number: 4019
Registered: 08-2004
Posted on Monday, April 02, 2007 - 1:38 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

I may think that our Attorney General Mike Cox is somewhat of a pompous twit... BUT... I'd buy him dinner right about now... :-)
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Lilpup
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Username: Lilpup

Post Number: 1966
Registered: 06-2004
Posted on Monday, April 02, 2007 - 1:48 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

yeah, but honestly that $25 mil is a drop in the bucket for the Ford Foundation

Why isn't there a law that a foundation must remain based in the state where it was chartered?
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Newlaster
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Username: Newlaster

Post Number: 212
Registered: 06-2004
Posted on Monday, April 02, 2007 - 4:15 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Because the government shouldn't be able to tell private organizations what to do.
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Jt1
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Username: Jt1

Post Number: 8797
Registered: 10-2003
Posted on Monday, April 02, 2007 - 8:38 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

yeah, but honestly that $25 mil is a drop in the bucket for the Ford Foundation

Why isn't there a law that a foundation must remain based in the state where it was chartered?



$25 MM may be a drop in the bucket to the Ford Foundation but it is a significant amount of money no matter what.

I think any law that tells business/foundations that they must stay in Michigan will mean that they just won't start in Michigan in the first place.
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Llyn
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Username: Llyn

Post Number: 1783
Registered: 06-2004
Posted on Monday, April 02, 2007 - 12:22 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

When the Ford foundation was chartered, the Fords should've made certain in the arrangement that the foundation operated in the interest of Detroit at least as much as NYC and other places.

That said, it still seems unethical that a foundation that large would just ignore the wishes of the founding family. At least they are making a token effort now, though.
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Eric
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Username: Eric

Post Number: 747
Registered: 11-2004
Posted on Tuesday, April 03, 2007 - 1:20 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

I was very skeptical of Cox's Ford Foundation efforts. But you really do have give him credit for getting them to contribute more money to city.

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