Erie Insurance And Arctaris Team Up On New $12.4 Million Investment

credit: Techno-Quest

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

Explore the
Community Vital Signs
for the
Erie Community Foundation

Cie Launches Sailing Programme and Postdoctoral Innovation Centre in Hungary

CIE launches Sailing Programme and Postdoctoral Innovation Centre in Hungary - Xi'an Jiaotong-Liverpool University."Sailing Programme" aims to cultivate talent with international perspectives, an...more

Prince William Begins A Visit to South Africa That Focuses on Climate and the Environment

Kate, 42, only recently returned to some public duties after completing treatment for an undisclosed type of cancer.William formed the Earthshot Prize through his Royal Foundation in 2020 to...more

Q&Amp;A: 'Don't Be Afraid of Your Voice. Because It Will Make A Difference.'

Matthew is global investigations editor at DeSmog.He leads coverage of the global climate crisis, energy politics, and the struggles for environmental justice.Matthew spoke with Lucy von Sturmer,...more

Billie Eilish Raises Her Voice Against Climate Change

Billie Eilish's brother Finneas, a talented musician/producer, and her mother Maggie Baird are significant contributors to the effort too.Her partnering organization for Overheated is Support and...more

'You Have to Disguise Your Human Form': How Sea Eagles Are Being Returned to Severn ...

Sea eagles were last seen soaring over the Severn estuary more than 150 years ago.Some of the Scottish birds were released on the Isle of Wight in 2019.Three eaglets have been successfully reared by...more

Nigeria's $1Bn Wholesale Impact Investment Fund Excites Pfas

The Wholesale Impact Investment Fund (WIIF) aims to address the critical financing gap faced by Micro, Small, and Medium Enterprises (MSMEs) The WIIF is positioned to drive long-term economic growth,...more

Iyere to Lead Nigerian Senate's Youth Development Initiative

Iyere to lead Nigerian Senate's youth development initiative - Daily Trust.Iyere will spearhead Nigerian Youth Economic Engagement and De-Radicalisation Programme.NIYEEDEP aims to empower Nigerian...more

Art Tech District Targets More Jobs For Youth in Social Entrepreneurship Sector

Art Tech District, a Social Entrepreneurship company has revealed plans to create more jobs for teeming youth through the technology and hospitality sector.The CEO of the company, Mosope Olaosebikan...more

Indian-American Entrepreneur Karthik Naralasetty on A Mission to Transform the Hills in ...

Karthik Naralasetty is running for Mayor of The Hills, Texas.His campaign emphasizes transparency, community safety, and youth engagement.He aims to make him the first Indian-American mayor of the...more

Don't Give up on Your Vision, Entrepreneur Urges Youths

Oriowo was a guest speaker at the launching of the Co-hubNg, an extension of Volunteer with Eryn (Vowen Africa) She said that failing is part of the journey towards success, adding that there's...more