GREENSBORO, N.C. — The Bryan, Weaver and Cemala foundations together have agreed to give $22 million to help revive downtown Greensboro, generate new jobs and inject optimism in the community, The Business Journal in Greensboro reported Feb. 1.
The foundations, which are backing the Action Greensboro economic revival effort and have the support of corporate leaders for their plan, expect private donors and corporations to contribute another $14.6 million to their revitalization plan, the Journal said.
Leah Totten of Chapel Hill-based think-tank MDC told the Journal that the joint effort represented a rare teaming-up of foundations and an unprecedented investment for North Carolina.
Action Greensboro has studied a similar effort launched 15 years ago in Chattanooga in which seven banks and eight foundations invested $10 million to crate a nonprofit economic development agency, the Journal said.
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