Latest news with #communitydevelopment
Forbes
2 days ago
- Business
- Forbes
How To Succeed - Life Lessons From The Man Who Rebuilt Detroit
Dan Gilbert is one of those rare individuals who has had a huge impact on a large community. I began to understand his philosophy listening to a fascinating interview he gave at the Summit conference in Detroit I attended earlier this month. Detroit had really seen better days when it filed for bankruptcy in 2013. Dan Gilbert, a well-known entrepreneur and billionaire founder of Quicken Loans – now known as Rocket Mortgage — jumped in to help bring the city back. To rebuild Detroit and Cleveland, his development company Bedrock has bought more than 140 buildings, modernized and restored them, and brought in high end retail, offices, hotels, affordable apartments, and luxury condos. Today, Detroit is a model of urban revival. Dan Gilbert has also done more philanthropically to help Detroit than almost anyone else has done to rebuild a single city. In addition to the billions he spent buying and renovating buildings, he has donated $500 million to revitalize the neighborhoods, cleared property tax debt for 20,000 home owners, created startup incubators Detroit Venture partners and Venture 313, helped rebuild the streetcar, brought in two medical research institutions for $439 million, and contributed to the public-private partnership Grand Bargain to save the Detroit Institute of Arts. Dan Gilbert said he isn't only interested in making money. Rocket is a public, for-profit company, but everyone knows their goal is to produce great products and enrich lives. He stressed that Rocket aims to create broad based social impact, not just profit, through a variety of mortgage and financial products and services. One of their many products, Rocket Money, was designed to improve household financial stability. Dan Gilbert believes that some of his buildings may make money in the near term, while others won't be profitable for years, if ever. Many of the buildings were in significant disrepair and required millions and millions of dollars to renovate. He doesn't mind, because restoring these 140-plus buildings to current standards has significantly improved downtown Detroit, contributed massively to bringing the city back to life, and created opportunities for other businesses to join in the city's revitalization and to invest. For some of the buildings, the return on investment may take decades for a financial return, but have already begun contributing massively to the economic transformation of the city and to a renewed sense of civic pride — a non-monetary ROI. Dan Gilbert shared this as one of his philosophies that has proven true time and again. He made the point that you want to work with people you trust. He said an investment opportunity may look attractive, but if it's offered by an untrustworthy person, the long-term risk outweighs the potential short-term gains. Similarly, a great entrepreneur may have a weak idea, but over time, they will refine it and modify it and develop it, so it has the potential to be profitable. This is a similar point. He believes a great founder will pivot if their idea doesn't work, but a bad founder will not be able to recover. He says he always invests in the founder, not the idea. As a hugely successful investor, he has found over many years that the person behind the idea is more important than the idea itself. He invests in the entrepreneur, not the startup, because a mediocre idea with a great founder is more likely to be successful than a great idea with a mediocre founder. The great founder — who has grit and integrity — will adapt, and pivot, and evolve until the idea becomes great. This was really profound coming from Dan Gilbert, as he has personally suffered a stroke and lost his beloved son, Nick, in his twenties to neurofibromatosis (NF). He has spent millions trying to find a cure for NF, funding – along with Henry Ford Health and Michigan State University – a new research institute in Detroit, as well as giving millions to existing institutions working to cure the disease. But this sentence makes you appreciate the significance of being healthy compared to everything else that you may think is important. Dan Gilbert said you won't get outsized returns if you're not willing to take outsized risk. If the risk is thoughtful, and aligned to the goals and the culture of the organization, it's worth taking. Extraordinary outcomes only come from being willing to take big risks. He has done this with Detroit — investing billions in abandoned buildings to rebuild a city he loves. He has done this with Rocket Mortgage — going digital years before others. He has done this with venture capital — investing in startups others were afraid to fund. And he's doing this with the millions he's spending to find a cure for NF. Dan Gilbert said it makes no sense to hold onto your money until you die. It's so much better to see the fruits of your efforts. It's also better for your children to know how you want your money to be spent. This is similar to Bill Perkins' book, Die With Zero: Don't save it. Give it away and have an impact. Dan Gilbert told us, if you chase greatness, the money will come. But if you chase money, you'll never find greatness. This is one of his famous 'isms.' He wrote a book about the truisms he follows, Isms in Action. He believes that success always comes from following the mission, not the money, and that how much money you make should never be the goal. He explained that if you're focused on solving a problem and creating something meaningful, and you refuse to compromise on the really important things — your mission, your principles, your long-term purpose — the money will come. I love that Dan Gilbert made this point, because it's similar to an article I wrote for Forbes, Why You Should Empower Your Employees If You Want To Succeed. He believes — as I think most of the best entrepreneurs do — that when you empower your employees to make decisions, based on the company's core values, the business will be more successful. He stressed that company culture drives behavior, and is the foundation of every decision. He also believes that employees who are valued and are treated well, will have greater job satisfaction and perform at a higher level. He has found that when employees are empowered to solve problems and make decisions, they will respond more quickly to changing environments, they will be more productive, they will have more job satisfaction, and they will stay longer at the company. Dan Gilbert is inspirational, and what he has done to transform Detroit is extraordinary. But his guiding principles should be followed by everyone, to succeed in business and, even more important, to achieve a meaningful life.
The Sun
3 days ago
- Business
- The Sun
Our ‘soulless' high street is being demolished & rebuilt as swish new ‘town of the future' – it's a LONG overdue change
LOCALS are celebrating the rebuilding of their town high street after it was dubbed 'soulless' and in desperate need of change. 4 In 1947, East Kilbride held the title of Scotland's first ever 'new town', however, less than 80 years later, it is being knocked down. 4 Located just south of Glasgow, the proposals for the town centre could see more than a third of the town demolished. This would make way for an impressive new supermarket measuring 40,000 feet, a hotel and a public square. Local, Danny Fitzpatrick, 33, told the Metro: 'The town has had some really tough times in the last two decades, but I hope and believe there is a kind of renaissance on the horizon.' Danny was born and raised in the town and feels hopeful about the South Lanarkshire Council's new proposals. As he reflected on growing up in the area, he explained that the town used to be an 'epicentre.' But added: 'It isn't a shadow of what it used to be.' In 1930, East Kilbride was home to just 900 residents. But thanks to being selected as one of the five new towns in Scotland to serve as the solution to the post-war housing shortage, over the span of a few decades the town completely transformed. Now with a population of roughly 75,000 the post-war scheme equipped the once small village with council offices, a police station, and even Scotland's first Olympic size swimming pool. It has even been affectionately nicknamed 'Polo Mint City,' due to its extensive roundabout system. 4 4 However, over the last 20 years, East Kilbride has been suffering, with many businesses closing and locals labelling the town centre "grim." Among those to pack up and leave the area were the Motorola factory in 2009, Rolls-Royce in 2015, and the main shopping centre in 2022. But Danny remains optimistic, saying: 'The Rolls-Royce days may be over, but I think the future is good for EK.' The council plans to spend a staggering £62,200,000 on the project, in a bid to make use of the more than 500,000 square feet of empty space across East Kilbride. Threesixty Architecture, the company fronting these new plans, argue that the last decade has seen towns across the UK suffer. Worsened even further by Covid, they claim that retail is on the decline, leaving areas like East Kilbride to suffer. The document reads: 'The master plan is the opportunity for the town to rediscover its identity and purpose.' The Sun has approached South Lanarkshire Council and Threesixty Architecture for comment.
Associated Press
3 days ago
- Business
- Associated Press
Fifth Third Awards $16M in New Markets Tax Credits to Community Facilities in Atlanta, Cincinnati
CINCINNATI, June 18, 2025 /3BL/ - Fifth Third (NASDAQ: FITB) has awarded $16 million in New Markets Tax Credits (NMTCs) to three facilities in Atlanta and Cincinnati that will help spur economic mobility and community revitalization in historically disinvested neighborhoods. 'Our approach to community development at Fifth Third is place-based and people-first, and it considers the total wellbeing of all residents who call a neighborhood home,' said Kala Gibson, chief corporate responsibility officer for Fifth Third. 'These investments represent a commitment by Fifth Third to ensure that residents of these neighborhoods can thrive in and be proud of the place they call home.' The awards are part of a $50 million allocation in federal New Markets Tax Credits that the Fifth Third New Markets Development Company (NMDC) received from the U.S. Department of the Treasury's Community Development Financial Institutions Fund in September. The NMDC is an affiliate of the Fifth Third Community Development Company, LLC (CDC). 'Fifth Third's innovative, place-based approach to working in neighborhoods and working at a neighborhood scale is a true community development success story,' said Susan E. Thomas, president of the Fifth Third CDC. 'As we have become increasingly active in place-based development and lending, adding New Markets Tax Credits to our toolbox helps our team effect even more positive change within the communities that we serve – as these projects demonstrate.' The New Markets Tax Credit Program helps economically distressed communities attract private investment capital. The federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail and technology, as well as from greater access to housing and public facilities such as health, education, and childcare. The inaugural NMTC recipients include: Community economic development is a cornerstone of Fifth Third's Neighborhood Program, which creates and implements innovative place-based community development strategies to effect positive change in historically disinvested neighborhoods across the Bank's footprint. The program is designed to increase financial access and spur economic mobility for all, creating a positive ripple effect that leads to community revitalization, small business growth, affordable housing, financial and workforce education and development, and healthy safe spaces. ### About Fifth ThirdFifth 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. About the New Markets Tax Credit ProgramThe New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. Since the inception of the NMTC Program, the CDFI Fund has completed 20 allocation rounds and has made 1,667 awards totaling $81 billion in tax allocation authority. This includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority used for the recovery and redevelopment of the Gulf Opportunity Zone. To learn more about the New Markets Tax Credit Program, please visit CONTACTAmanda Nageleisen (Media Relations) [email protected] Matt Curoe (Investor Relations) [email protected] | 513-534-2345 Visit 3BL Media to see more multimedia and stories from Fifth Third Bancorp
BBC News
3 days ago
- Business
- BBC News
Belfast: Derelict railway arches set to be transformed
Long-running plans to turn derelict railway arches in Belfast into a community and commercial space have moved a step closer.A gym and a restaurant are among the facilities earmarked for the eight arches, close to Lanyon Place scheme, known as the Tunnels Project, is based in the inner city area known as the Market Development Association (MDA) has been working on the project for the past 15 years, and has been boosted by £2m of funding from the Executive Office at Stormont. First Minister Michelle O'Neill said the work done by MDA was a "blueprint" for other community organisations. Fionntán Hargey, director of the association, said he hoped the arches below East Bridge Street would be transformed by 2028, with work beginning by the end of next said: "We are looking at providing a gym and a bar-restaurant. It will create jobs in the area but also provide services for the wider city."Full planning approval has yet to be given, but Mr Hargey is confident the plans will soon become a said: "Anything that could go wrong has already went wrong in the last 15 years. The community has been tenacious enough to overcome all those challenges and problems and we're now on the home run."The regeneration of the arches is part of a wider £6m redevelopment project, which was outlined on Wednesday at an event at a local youth are also plans to convert an old building, St Malachy's Convent School at Sussex Place into a heritage and visitor centre. Local resident Christine Farmer said: "There have been struggles and knockdowns but we've come back again to make them work."Another resident, Dionne Ward, said: "It's absolutely amazing to see a working class community come so far. Everybody who is involved should be so proud." Belfast City Council, Queen's University, the National Lottery Community Fund and Radius Housing have all supported projects in the plan is that the eight arches, or tunnels, will mainly be used for a gym and community facilities, but one will be reserved as a walkway for pedestrians. The hope is that it will improve connections within the inner city.
Yahoo
4 days ago
- Business
- Yahoo
West End board to hold second vote on buying Nia Center. How the proposal has changed
The West End Opportunity Partnership will again vote on a proposal to purchase the Nia Center and lease it to Goodwill to build affordable housing — this time with additional funds set aside to help displaced businesses. In May, the Transit Authority of River City agreed to sell the building, which serves as a small business incubator and community resource center for those in the Parkland neighborhood, to Goodwill, which plans to build 76 affordable housing units on the land. At a June 12 meeting, the West End Opportunity Partnership (WEOP) board considered buying the property on behalf of Goodwill, though the proposal failed to move forward after a tie vote. The victory for those opposing the closure of the center was short-lived, however, as the WEOP announced a second vote on the proposal during a special meeting on June 18. More: What's going on with the Nia Center? What to know about the controversy The proposed redevelopment has come under fire from Nia Center tenants, community members and some elected officials in the weeks since TARC announced it would be selling the property. In an effort to help those displaced by the potential sale of the center, an addendum has been added to the original proposal to provide a one-time payment of $5,000 to nongovernmental tenants of the Nia Center, according to a copy of the proposal shared with The Courier Journal. 'This is in addition to the binding promises of Goodwill Industries of Kentucky to provide cash assistance in the form of moving expenses and security deposits at new lease locations for tenants, and the offers of Goodwill Industries of Kentucky and Louisville Metro Government to provide assistance in locating new lease locations within West Louisville,' the addendum reads. The Courier Journal reached out to representatives from the WEOP and Goodwill, but requests for comment were not returned prior to publication. According to the purchase proposal, the WEOP would buy the property for $2.1 million and lease it to Goodwill for $1 annually. Goodwill has committed $500,000 to demolition and site preparation, and affordable housing developer Woda Cooper Companies is prepared to begin construction on a $21.5 million four-story housing complex. According to WEOP staff, Goodwill had hoped to solidify the purchase before June 15, when low-income housing tax credits obtained by Woda Cooper Companies expire. The WEOP is a nonprofit partnership created in 2021 that's tasked with deciding how to spend revenue from a tax increment financing (TIF) district that covers Louisville's West End. Some in the community feel buying the Nia Center would be a misuse of the TIF revenue the WEOP was created to monitor and spend. The Coalition of West Louisville Neighborhood Associations sent a letter to the WEOP opposing the purchase, saying it is 'against the will of the residents and taxpayers of West Louisville.' 'These funds are intended to create economic opportunity, promote generational wealth, and uplift the communities of West Louisville — not to subsidize a private nonprofit with terms that offer no direct financial return of community ownership,' the letter reads. This story will be updated. Reach reporter Keely Doll at kdoll@ This article originally appeared on Louisville Courier Journal: West End TIF board to again vote on buying Nia Center for Goodwill
