Lowell Board Administrator Username: Lowell
Post Number: 3759 Registered: 10-2003
| Posted on Monday, April 02, 2007 - 1:32 am: | |
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 |
Gistok Member Username: Gistok
Post Number: 4019 Registered: 08-2004
| Posted on Monday, April 02, 2007 - 1:38 am: | |
I may think that our Attorney General Mike Cox is somewhat of a pompous twit... BUT... I'd buy him dinner right about now... |
Lilpup Member Username: Lilpup
Post Number: 1966 Registered: 06-2004
| Posted on Monday, April 02, 2007 - 1:48 am: | |
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? |
Newlaster Member Username: Newlaster
Post Number: 212 Registered: 06-2004
| Posted on Monday, April 02, 2007 - 4:15 am: | |
Because the government shouldn't be able to tell private organizations what to do. |
Jt1 Member Username: Jt1
Post Number: 8797 Registered: 10-2003
| Posted on Monday, April 02, 2007 - 8:38 am: | |
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. |
Llyn Member Username: Llyn
Post Number: 1783 Registered: 06-2004
| Posted on Monday, April 02, 2007 - 12:22 pm: | |
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. |
Eric Member Username: Eric
Post Number: 747 Registered: 11-2004
| Posted on Tuesday, April 03, 2007 - 1:20 am: | |
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. |