Tonight: Kalamazoo to vote on creation of $500M foundation | MLive.com"KALAMAZOO, MI -- Monday night, the Kalamazoo City Commission will decide whether to create a half-billion dollar foundation, intended to span generations, to replace a portion of its budget.
City Manager Jim Ritsema recommends the commission approve a resolution to create a nonprofit "Kalamazoo Foundation for Excellence," organized for the supporting the city budget and fund new programs.
...Expected to raise $500 million by 2019...
The idea came at a time when the city was left with few options to balance a structural budget deficit.
Instead of pushing through a largely unpopular income tax, Ritsema and Mayor Bobby Hopewell met with Parfet and Johnston to seek an unprecedented public-private partnership.
An initial $70.3 million donation will keep the city afloat, allow the property tax to be reduced by a third and fund programs related to shared prosperity until 2019..."
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