The Detroit Riverfront Conservancy is in the middle of one of its biggest construction projects along the Detroit River - the Ralph C. Wilson Centennial Park. It's also in the middle of its biggest scandal - its former CFO has been charged with embezzling $40 million.
In response to both of these, the Community Foundation for Southeast Michigan has developed a $35 million fund to make sure that work continues in its east and west riverfront projects.
“The Community Foundation for Southeast Michigan is committed to making our region a desirable place to live, work and play. That’s why we must complete the Detroit riverfront,” said Richard (Ric) DeVore, president of the Community Foundation for Southeast Michigan. “We are encouraged by how the philanthropic community is stepping up during this critically important time.”
The funding is led by the Ralph C. Wilson Foundation with a $10 million grant. Additionally, the Wilson Foundation is giving the Community Foundation authorization for a $25 million line of credit to pay for construction contractors for capital construction projects to be completed by fall of 2025. The line of credit will go down with fundraising and any recovery of embezzled funds.
When completed, 5.5 miles of the Riverfront will be connected. The Ralph C. Wilson Park has been many years in the making and is changing the landscape of the west riverfront. It should be completed next year.
