Home
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 Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Foundation: Susan Thompson Buffett Foundation, Gates Foundation
"For too long, a lack of money has forced organizations fighting for women's rights into a defensive posture while the enemies of progress play offense," writes Melinda French Gates in a New York...more
Big Brothers Big Sisters of Central Ohio is using nearly $1 million in grants from Battelle to create after-school and summer programs focused on science, technology, engineering, and math for...more
The city of Vantaa, Finland, is known as one of the most international cities in the country, with between 4,000 and 5,000 new residents each year, most of them immigrants, Eurocities...more
If you're an engineer looking to make your mark in the tech world, Forbes has just the list for you. The magazine interviewed 11 engineering leaders, including James Dyson of vacuum company...more
A team of former top executives at Aegon Asset Management has launched a new firm to invest in the climate finance industry. CurvePoint Capital was founded by James Rich, Brian Wayne, and Alena...more
New York Gov. Kathy Hochul today announced the official opening of the Advanced Grid Innovation Laboratory for Energy (AGILe), "a first-of-its-kind, world-class electric grid and power systems...more
The World Bank is calling for urgent action to help small island developing states (SIDS) deal with the effects of climate change as leaders from the nations meet in Antigua this week. The bank's...more
The Syrian refugee crisis is expected to worsen over the next four years as more than 19 million peoplemore than a fifth of the country's population flee their homes, the New York Times...more
Canada's housing crisis and climate change are two of the country's biggest concerns, and a professor at McGill University has come up with an innovative solution to both. Daniele Malomo's $1.7...more
Fast fashion is here to stay, at least according to a new report from the European Commission, which notes that by 2050, the fashion industry is expected to be responsible for more than one-third of...more
Social Entrepreneurship
Spotlight
Philanthropy as Key Enabler to Work on ‘Wicked Problems’
Australia’s Melbourne City Mission Chief Executive Officer Ric Holland writes how philanthropy can act as an enabler on many levels.
