Big economic news comes as a Boston-based firm has decided to invest upwards of $40 million in Erie, proof supporters say that the community has become an attractive business prospect.
Arctaris-Erie has been two years in the making.
The Boston-based company has for 11 years invested in five funds, like the one announced today.
“Erie has face numerous systemic and economic challenges for decades and it fits the model of impact work we like to do.” Jonathan Tower, managing partner at Arctaris.
The social investment firm Arctaris will invest $40 million into area opportunity zones.
With the help of the Erie Community Foundation and Erie Insurance, the project moved from a concept to a reality.
$30-40 million will go to the Erie Downtown Development Corporation, geared towards several projects.
“We’ve spent enough time with Arctaris and the folks there to really talk through what it is we are trying to accomplish in downtown. we have also been really intentional about creating a downtown for everyone. ” Nicole Reitzell, vice president of community engagement at EDDC.
Presdient of the Erie Community Foudation, Mike Batchelor says this is a great day for Erie.
“This will help not only the EDDC get some projects over the finish line, but there is $10 million dollars that’s going to be invested in what we call mission-related investments,” said Batchelor.
That means it will be allocated to areas like the under-privileged areas and minority-owned business.
The Community Foundation will invest and additional $5 million.
The ultimate goal of the investment is to make Erie an attraction that people want to move to, live in and work while expanding.
“If we can do that and raise the current income level of residents without the unwanted side effects of gentrification, then this will be a successful program.” said Tower.
The project will span over 10 years, Tower saying the time to act is now.