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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.
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