Kalamazoo takes step toward using $70M in private donations
The Kalamazoo City Commission has taken a step toward using roughly $70 million in private donations to help cover city costs.
The commission voted 6-1 to approve the memorandum of understanding during a public meeting Monday.
The document outlines the agreement between donors and the city as well as each party's commitment to the Foundation for Excellence.
The foundation, introduced in July, would help stabilize Kalamazoo's budget, decrease property taxes and invest in infrastructure and neighborhood improvement projects.
he $70 million would be donated over three years to endow the foundation. It's expected to be created by the end of August 2017.
City Commissioner Matt Milcarek gave the dissenting vote, saying he'd like to see an example of how the foundation will be a sustainable model for the city.