The Erie Community Foundation is pledging $2.5 million in an investment that is the first of its kind by the organization. The board of trustees voted to invest the $2.5 million in the Erie Downtown Development Corporation.
The corporation, led by Erie Insurance CEO Tim Nicastro, plans to buy and renovate downtown real estate in a first step to transform Erie. What makes the investment unique is the fact that the foundation is using a portion of its endowment. “I think that is very exciting for Erie, it’s going to take time; there is some risk involved but it is worth the risk and now is the time to invest in our hometown”.
The Erie Community Foundation joins UPMC Hamot, Gannon University and Erie Bank in their efforts to assist the EDDC.