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Public-Private Partnerships (Financing)
Transforming residents' vision into a brick-and-mortar mechanism for economic and social community development cost $23.5 million. For JCNI to fund development of the Plaza and future community projects, it needs a unique and committed set of funding partners. This search for solutions that keep costs low and more money in the community has forged a new approach to financing community development.
This approach brings a variety of partners to the table — non-profit and for-profit, corporate and civic, local and national — providing loans, grants, and tax incentives. The members of the ground-breaking public-private partnership supporting Market Creek Plaza share one thing — a commitment to invest in what the residents have envisioned for the future of this community.
Financing this innovative project resulted in a one-of-a-kind partnership that challenges traditional philanthropy to do more for social good than make grants at arms length. At the same time, new resources are coming into this community. The story of Market Creek Plaza shows other communities throughout the country just what can be accomplished when people unite behind a common vision.
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