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


Foundation: Erie Community Foundation

credit: Flickr

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.

'Many Kind People in S'Pore': Dignity Kitchen to Restore Fire-Damaged Premises as Donations Pour in

A woman in her 80s in Singapore pulled $20 out of her purse and gave it to the founder of a social enterprise that provides jobs for people with disabilities, the BBC reports. Koh Seng Choon,...more

Legacy Foundation Grants $25000 To Local Non Profits

The Legacy Foundation in Ottumwa, Iowa, is putting its money where its mouth is. The foundation has awarded $25,000 in grants to six local nonprofits, including $10,000 to the Cardinal Youth...more

Pee Wee Homes to Receive a $40,000 Grant from Secu

A tiny-home nonprofit in North Carolina is getting $40,000 over the next two years to build three new homes for homeless people. Pee Wee Homes will use the funds to hire a property or...more

Legacy Announces $25000 in Nonprofit Grants

The Legacy Foundation in Ottumwa, Iowa, is putting its money where its mouth is. The nonprofit has awarded $25,000 in grants to six local nonprofits, including $10,000 to the Cardinal Youth...more

Pressr: Weyay Bank Launches Podcast to Spark Conversations on Kids' Financial ...

A bank in Kuwait is trying to make it as easy as possible for kids to get their hands on money. Weyay Bank has launched a podcast called Jeel, in which kids between the ages of 8 and 14 discuss...more

Accelerating Government Efficiency through Advanced Technologies and Innovation

When it comes to getting a driver's license in the US, there's a lot of red tape. In fact, more than half of the country's DMV offices are still manual, according to a new report from the...more

7.4 Representative Jennifer Mcclellan Talks Climate Resilience and Environmental Justice ...

Virginia Rep. Jennifer McClellan is the first black woman elected to Congress from her home state, and she's also the first black woman to represent it in the House of Representatives. But...more

Editorial: Regional Projects Show Benefits of State Grant Money
Foundation: Lilly Endowment

Indiana is adding $500 million to its coffers and the Lilly Endowment is throwing in $250 million for community and economic development programs designed by communities themselves, the Columbus...more

Nonprofit Mission Statements: 30 Examples of Brands Who Are Crushing It [Infographic]

If you're in the market for a new website, you might want to check out this list of 30 nonprofit mission statements, rounded up by Nonprofit World. They're great if you're in the market for a new...more

How Reading The Morning Paper Inspired an Alumnus' Mission to Shape Ethical Leadership

"One day, he decided to do something about it." That's how Steve Bachand describes his $5 million donation to the University of Virginia's Darden School of Business, which will create the Stephen...more





Here are the star companies that have succeeded in their corporate social responsibility (CSR) programs. The companies were gathered by Civic 50, a national initiative to survey and rank S&P 500 corporations on how they engage with the communities they serve and utilize best practices in their corporate cultures.




Social Sector Jobs

  Substance Abuse Jobs
  Social Work Jobs
  Program Director Jobs
  Executive Director Jobs
  Education Jobs


Federal Government Grant and Assistance Programs


Drug Court Discretionary Grant Program | High Intensity Drug Trafficking Areas Program | Special Education_Technical Assistance and Dissemination to Improve Services and Results for Childre | Child Support Enforcement | Career and Technical Education Indian Set-aside | Overseas Refugee Assistance Programs for Africa | Biomass Research and Development Initiative Competitive Grants Program (BRDI) | Nutrition Services Incentive Program | | Site Style by YAML | Grants.gov | Grants | Grants News | Sitemap | Privacy Policy

Edited by: Michael Saunders

© 2008-2024 Copyright Michael Saunders