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September 11, 2006
Contact: Marilyn S. LeFeber,
(810) 238-5651,
info@mott.org
Mott Foundation Transfers Saginaw Street Properties
FLINT, Mich.—Five buildings in the 500 block of South Saginaw Street in downtown Flint have been transferred to a nonprofit development corporation spearheading the redevelopment of Flint’s central business district.
The Charles Stewart Mott Foundation entered into an agreement with the Foundation for the Uptown Reinvestment Corporation (F-URC) for the properties, located adjacent to the Mott Foundation Building on the east side of the block. The five buildings, identified by their last occupant or use, are: the Copa, the Jewish Federation Building, the Legal Services of East Michigan Building, the NBD Trust Building and Blackstone’s.
The structures total approximately 50,000 square feet, and run between the Mott Foundation’s conference center building and East Second Street. A recent appraisal values the property at $653,000.
“We are both pleased and excited with this arrangement, and we expect this to add momentum to the redevelopment of Flint’s downtown,” said William S. White, Mott Foundation president.
The Mott Foundation began acquiring the buildings in the 1990s to prevent uses that would be incompatible with the central business district. The Foundation has held the property since that time and has explored a number of redevelopment options.
“We look forward to this new challenge and opportunity to continue the development of downtown Flint,” said Tim Herman, F-URC president. “We expect to announce plans for the site by the end of the year.”
F-URC is a supporting arm of the Uptown Reinvestment Corporation, a nonprofit organi-zation formed in 2002 with a focus on revitalizing downtown Flint. Currently, it has seven building projects, worth $22 million, completed or planned for downtown.
The Mott Foundation, established in 1926 by an automotive pioneer, is a private philanthropy committed to supporting projects that promote a just, equitable and sustainable society. It supports nonprofit programs throughout the U.S. and, on a limited geographic basis, internationally. Grantmaking is focused in four programs: Civil Society, Environment, Flint Area and Pathways Out of Poverty. Besides Flint, offices are located in metropolitan Detroit, Johannesburg (South Africa) and London. The Foundation, with 2012 year-end assets of $2.28 billion, made 439 grants totaling $91 million. For more information, visit www.mott.org.
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