JPMorgan Chase Helps Build Sustainable Infrastructure in Detroit
(3BL Media/Justmeans) – During the depths of Detroit’s bankruptcy three years ago, JPMorgan Chase & Co. committed $100 million for economic development and neighborhood stabilization in the city. It added another $50 million to that amount earlier this year. Half the amount is in the form of grants, while the other half comprises a variety of loan funds for small business growth and real estate development.
JPMorgan Chase has now announced a grant of $900,000 as part of its commitment to help build Detroit’s sustainable infrastructure. The grant includes $175,000 for Eastside Community Network; $340,000 for Jefferson East Inc.; and $400,000 for the Nature Conservancy's work in Detroit.
According to Camilla Seth, executive director of sustainable finance at JPMorgan Chase, all three awards support environmental sustainability efforts and aim to improve stormwater management in the city. Stormwater has plagued businesses in Detroit for years, apart from becoming a major water pollutant.
Nature Conservancy is working with the city of Detroit and Eastern Market Corp. on a pilot program that would support creation of new stormwater management infrastructure in Eastern Market. The feasibility study for the stormwater project is currently underway, but the new "special purpose district" would aim to serve as a model and be replicated in other Detroit neighborhoods.
Studies and plans to create the district model are being funded through the JPMorgan Chase grant, as well as other funders, including the Kresge Foundation, Ralph C. Wilson Jr. Foundation and Fred A. and Barbara M. Erb Family Foundation.
Eastside Community Network's grant will support acquisition and rehabilitation of vacant commercial properties along the Mack Avenue commercial corridor to revitalize and expand local retail and commercial businesses and attract new businesses. The organization is also building stormwater drainage management infrastructure between buildings.
JPMorgan Chase also announced it is installing LED lighting and new building management systems at 13 of its branches in Detroit, aiming to cut lighting energy consumption by 50 percent, electric and gas consumption by 15 percent and water consumption from irrigation systems by 20 percent.
Source: Crains Detroit
Image Credit: JPMorgan Chase