Beyond our core focus areas, we have allocated $5.5 million to invest in strategic initiatives important to Detroit's recovery and long-term future economic growth. We will also help support other local organizations working to revitalize the city and provide needed services. For example:
Construction of the 3.3-mile M-1 streetcar holds the promise of catalyzing further investment, economic development and urban renewal in Downtown Detroit – the city’s central business district – and surrounding neighborhoods. JPMorgan Chase is supporting the M-1 project by working to raise $30 million in New Markets Tax Credits, the cornerstone of the project’s financing. We also are making a $1.5 million philanthropic grant to M-1 RAIL, the nonprofit organization that is leading M-1’s construction, and providing an additional $1 million to Midtown Detroit Inc.’s program to mitigate the temporary impact of the M-1 construction on local businesses and help them remain healthy and vibrant so they can enjoy the benefits of the completed rail line.
Bringing the Global Cities Initiative to Detroit
Our Global Cities Initiative (GCI) with the Brookings Institution, launched in 2012, aims to equip business, civic and government leaders from U.S. and global metropolitan areas with the information, policy ideas and global connections they need to thrive in the global economy. Through GCI, we have tapped our network of relationships around the world to convene far-sighted leaders in cities from Los Angeles to São Paulo, bringing together policymakers, business leaders and non-governmental organizations to collaborate on best practices and strategies for improving global competitiveness. GCI also helps select metropolitan areas develop locally driven, actionable plans to strengthen their region’s global trade and investment practices. In 2015, GCI will hold a forum focused on investing in the strategic priorities developed by the city of Detroit. GCI Detroit will aim to highlight Detroit’s growing assets, drawing attention to new opportunities for investment that, in turn, will create new and better jobs for city residents.
We are also applying the experience and skills of our people to help Detroit’s nonprofits strengthen their capacity to solve the community’s toughest problems. Around the world, JPMorgan Chase has experts in financial analysis, technology, marketing and human resources who are eager to roll up their sleeves to help. Through the JPMorgan Chase Detroit Service Corps, dedicated teams of employee volunteers will put their expertise to work, providing capacity building and technical assistance to help local nonprofits find solutions to challenges they have identified. In addition, these service projects will provide internship opportunities for local university students who can learn business skills and gain on-the-job training.