Foundation Grants
Community Vital Signs
About Us
Erie Insurance And Arctaris Team Up On New $12.4 Million Investment
Foundation: Erie Community Foundation
When Boston-based Arctaris Impact Investors first committed $50 million to downtown Erie, Pa., in 2016, it promised to invest another $10 million in "designated low-income areas."
What it didn't commit to doing, however, was actually paying back the money, the Erie Times-News reports.
On Tuesday, Arctaris announced a $12.4 million investment in the Erie Downtown Development Corp.'s ongoing construction project, which includes a new 30,000-square-foot climbing gym, 30 new apartments, and a 300-space parking garage.
"These are investments. They are not grants," says EDDC CEO John Persinger.
"We had to show them projects that made financial sense that generated a return for the businesses involved."
Persinger says the EDDC, a community- and business-backed group formed last year to rebuild downtown Erie, had to put together compelling projects and demonstrate that they were worthy of investment.
"We are looking for a target return that is commensurate with what our investors are seeking as well as a high social impact for the community," says Arctaris managing partner Jonathan Tower.
The Times-News notes that while both EDDC and Arctaris have made investments through the federal Opportunity Zone program, which offers special tax incentives to investors.
Read the Entire Article
Selected Foundation News
A customized collection of news from foundations from around the Web.
The government emphasizes innovation, inclusivity, and sustainability as part of its dual strategy the Financial Services Growth and Competitiveness Strategy and the Invest 2035 Industrial...more
Fox School of Business' Innovative Idea Competition welcomes students, faculty, staff and alumni from any of Temple's 17 of the schools and colleges to compete.The competition allows for rising...more
The German Design Graduates (GDG) Talk will explore how design and innovation can help address the challenges posed by extreme temperatures.This project is funded by 'Innovationsforderung Hessen' as...more
We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic.By clicking "Accept All", you consent to our use of cookies.These cookies will only be...more
The government of Colombia, Conservation International and the Green Climate Fund (GCF) announced support for the development of a project to transform water security in the Bogota region.The project...more
Wayne State University to lead USDA grant to support program training students in'smart agriculture' Program will use data to study future of agriculture and train students.Project, "Nonformal...more
A global carbon counting system, where every molecule of CO2 created during the production process is counted and made publicly available, could incentivize companies to invest in cleaner production...more
Maura Healey to launch a new initiative aimed at advancing clean energy and bolstering the workforce in the geothermal energy sector.The Clean Energy and Environment Legacy Transition Initiative...more
Data centers, the backbone of cloud services, are significant energy consumers.In 2023, the market was valued at approximately $25.20 billion and is projected to grow at a compound annual growth rate...more
COP29's Food, Water and Agriculture Day shined light on the transformative power of agrifood systems to drive emissions reductions.The Agri-Food Systems Summit brought together global leaders,...more
Social Entrepreneurship
Spotlight
Change in the World of Work and Enterprise: Get Young People Into Work
The position young people are dealt with can be complex, and yet the entire economic system is still focused for an age that’s almost gone astray. The solution? Promoting social enterprise and getting these young people integrated into work.