Latest news with #FreddieO'Connell
Business Wire
5 hours ago
- Business
- Business Wire
Fifth Third Announces Three-Year, $20M Investment in North Nashville
CINCINNATI--(BUSINESS WIRE)--Fifth Third (NASDAQ: FITB) and Nashville leaders announced today that North Nashville will join the Fifth Third Neighborhood Program, bringing an influx of $20 million over three years to help revitalize the community. 'Fifth Third could not be more excited to bring our innovative Neighborhood Program to North Nashville,' said Kala Gibson, chief corporate responsibility officer for Fifth Third. 'We piloted our place-based economic development program back in 2019 and rolled it out in nine neighborhoods across our footprint in 2021. We have invested nearly $255 million since that time and witnessed generational, transformative change. We're thrilled about the opportunity to apply what we've learned and help North Nashville realize similar outcomes and impact.' In partnership with Affordable Housing Resources, Inc., Pathway Lending and United Way of Greater Nashville, Fifth Third and lead technical assistance partner Enterprise Community Partners will help community members implement their economic mobility roadmap that will help advance economic mobility and financial inclusion for the residents and businesses of North Nashville. To support this work, Fifth Third is pledging a $20 million investment in traditional financial and philanthropic capital in North Nashville over the next three years, including $1 million each to Affordable Housing Resources and the United Way from the Fifth Third Foundation. 'As a long-time resident of North Nashville I welcome this investment in our neighborhoods,' said Nashville Mayor Freddie O'Connell. 'We've been trying to shift how we invest in North Nashville. Recently, we've taken a special budgeting process and directed hundreds of thousands of dollars into four North Nashville Council districts. Then, we put $1 million directly into a multi-year effort anchored at Matthew Walker Comprehensive Health Center focused on lowering blood pressure. We've started to lower electric bills through a new insulation partnership with NES. And at least $7 million in federal funding to help North Nashville continue to recover from the long-term impacts of the 2020 tornado. 'Now we will amplify those investments with a $20 million commitment from Fifth Third that will result in community development through housing preservation, small business assistance, and vacant lot activation. Community members will see the results starting later this year,' Mayor O'Connell said. Nashville's economic mobility roadmap includes several key focus areas: growing housing and homeownership, such as by developing and preserving affordable housing; investing in small businesses and community wealth-building, such as by expanding access to capital and business planning; investing in people-based programs and services, such as by supporting education-to-career pathways; and investing in infrastructure and environmental priorities, such as by addressing tornado damage and highway impacts. 'I am thrilled that North Nashville has been selected for Fifth Third's Neighborhood Program,' said David Briggs, Tennessee region president for Fifth Third Bank. 'The North Nashville community embodies both the rich history of this city and the promise and challenges of its future. This investment of financial and intellectual capital illustrates Fifth Third's commitment to ensuring that all the members of the North Nashville community can share in its growth and truly make their lives a Fifth Third Better.' Fifth Third prioritizes broadening financial access and neighborhood revitalization through its Neighborhood Program, a community development initiative launched in 2021 which creates and implements innovative place-based strategies to effect positive change in historically disinvested neighborhoods across the Bank's 11-state consumer bank footprint. The program is pioneering a new place-based approach to community development by partnering with a lead partner organization, Enterprise Community Partners, and local organizations to build ecosystems that drive real change through both financial and social investments. This collective ecosystem approach is focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change. The place-based concept was piloted in 2019 in Detroit's Gratiot & Seven Mile neighborhood. Two years later, the program expanded into the Neighborhood Program, adding nine additional neighborhoods in seven states. Through the Neighborhood Program, Fifth Third has directly invested nearly $255 million across the nine neighborhoods. That investment helped catalyze over $200 million in additional investment. The result: $455 million in total Fifth Third-driven investments and tangible community impact, including: 584 new rental homes developed to increase the supply of affordable rental housing; 437 existing homes preserved; 1,932 homeowners assisted through purchase assistance, classes, repairs, and other programs; 926 small businesses supported through technical assistance and other programs; 70 key positions filled to help community organizations build capacity; $25 million in philanthropic investment by Fifth Third. About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
Axios
2 days ago
- Business
- Axios
Mayor O'Connell celebrates approval of Metro's $3.8B
Nashville Mayor Freddie O'Connell took a victory lap Wednesday following the Metro Council's vote to approve, with small changes, his $3.8 billion spending plan. The budget comes with an average 26% property tax increase for homeowners. Why it matters: Garnering approval for a property tax increase is not easy, and O'Connell scored a needed political victory as his administration fends off federal scrutiny from Republican members of Congress. Driving the news: O'Connell was joined by top Metro officials, including council budget and finance committee chair Delishia Porterfield, at the courthouse for a ceremonial signing of the budget ordinance. He touted the plan for its investments in education, affordable housing, employee pay raises and public safety, especially youth safety initiatives. The budget includes funding for after school programs, more school resource officers and school safety technology. What he's saying: "This budget is a community improvement program that focuses on quality schools, reliable services and safety we all deserve," O'Connell said at a press conference. Yes, but: O'Connell also addressed criticisms that come with the property tax increase. At its meeting on Tuesday, council approved Porterfield's substitute budget instead of a competing proposal that would have reduced the combined property tax increase to 19%. "Last year, we asked across the board for reduced spending from our Metro departments. You could tell they were starting to feel pinches," O'Connell said. "This rate reflects effectively the five-year impact of inflationary pressure on the cost of governing."
Axios
2 days ago
- Business
- Axios
Oracle's River North project advances as tech giant files rezoning request
The tech giant Oracle requested to change the zoning for land on the East Bank of the Cumberland River last week, giving a clear indication its multibillion-dollar project is advancing. Why it matters: Oracle unveiled its original plan five years ago, but the project hasn't broken ground yet. The scope of the mixed-use development and the corporate investment from the firm has expanded since then. State of play: Oracle filed a document seeking to rezone nine acres in the River North development. The request is consistent with the River North's community plan, according to the document. "The property owner is working closely with Metro Planning and Metro Water Services to meet development requirements within the FEMA-designated 100-year floodplain," according to the planning document. The latest: The Oracle project figures to be a top priority for Mayor Freddie O'Connell after Tuesday's Metro Council vote on his operating budget. Coordination between Oracle and Metro officials has cranked up in recent weeks, sources close to the project say. Metro has created a central team to deal with Oracle as the project advances. Oracle has been expanding its East Bank footprint with additional land acquisitions. According to the Nashville Business Journal, Oracle owns 70 acres and has spent a collective $379 million on real estate. Metro's chief development officer Bob Mendes is coordinating with the East Bank Development Authority on the project. Flashback: Metro Council approved a $175 million economic development deal for Oracle in 2021. At the time, the project was estimated to bring $1.2 billion in capital investment and create 8,500 tech jobs.
Axios
11-06-2025
- Politics
- Axios
Nashville mayor stands behind immigration executive order
Nashville Mayor Freddie O'Connell is defending his executive order that requires city agencies to report communication with federal immigration officials, saying it is an "appropriate, transparent measure." Why it matters: Republican leaders have been ferociously critical of O'Connell's order, saying it amounted to obstruction of immigration enforcement. But O'Connell told reporters Friday that the order shows the community "nobody is trying to hide anything here." The big picture: O'Connell updated an existing executive order following an immigration crackdown last month that resulted in nearly 200 arrests. The goal was to alert Metro sooner when city employees were aware of ICE activity. Republicans at every level of government seized on the order, saying O'Connell was trying to interfere with ICE actions. Republicans launched two congressional investigations into the matter. Zoom in: Tennessee House Speaker Cameron Sexton issued a statement on Thursday calling on O'Connell to rescind the order, which he said forces city employees "to act as big brother." "This order has jeopardized the safety of federal and state agents to the extent that individuals are harassing and interfering in the lawful duty of these agents," Sexton said. Driving the news: O'Connell downplayed the criticism on Friday. "Our focus is on participating in conversations," the mayor said. "We don't spend as much energy on statements." "I think if they have specific requests, we'll pay attention to those." Between the lines: O'Connell faces a delicate balancing act.
Int'l Business Times
10-06-2025
- Politics
- Int'l Business Times
Tennessee Officials Could Face Felony Charges for Releasing Names of Officers Aiding ICE Efforts Under Republican-Led Bill
GOP legislators in Tennessee recently filed a bill attempting to criminalize the publication of specific documents related to immigration enforcement in order to protect officials aiding Immigration and Customs Enforcement (ICE). The bill, titled Senate Bill 1464, "makes certain records regarding immigration enforcement actions confidential and not subject to public disclosure by state or local government entities or officials." This comes after Nashville Mayor Freddie O'Connell implemented an executive order requiring the Metro Nashville Police Department and Metro councilmembers to record and publicize any interactions with federal immigration authorities, reported WKRN. Last month, a city document was released which described 35 interactions between Metro Police and immigration enforcement federal agencies. The report included the names of individuals such as a Metro Council member, an Immigration and Customs Enforcement analyst and Homeland Security officers. However, the names were later redacted. O'Connell refused to rescind the order, stating that it "helps makes sure that nobody can accuse local, state or federal entities of activity that did or did not occur," after Tennessee House Speaker Cameron Sexton demanded that the order be repealed. Sexton and Senator Majority Leader Jack Johnson, both Republicans, then joined forces to file Senate Bill 1464. "Mayor O'Connell's decision to release sensitive information undermines the rule of law, violates public trust, and jeopardizes the safety of those who protect our communities. This bill makes it clear: if you use your office to interfere with federal immigration enforcement or endanger officers, there will be swift and serious consequences. Tennessee will not be a sanctuary for lawlessness," Sexton said in a statement. Originally published on Latin Times
