Kalamazoo creates foundation
KALAMAZOO, Mich. (AP) — The Kalamazoo, Michigan City Commission has voted to create a foundation to replace a portion of its budget, retain a cut to its property tax and fund programs addressing poverty.
The commission voted 5-2 in favor of documents outlining how the nonprofit “Kalamazoo Foundation for Excellence” will be organized.
Expected to raise $500 million by 2019, the foundation will be managed by a board of directors under the guidance of the City Commission and a statement of intent from initial donors William Parfet and William Johnston.
An initial $70.3 million donation will keep the city afloat, allow the reduction of taxes by a third and fund programs to relieve poverty. After 2019, $500 million must be raised to endow the foundation, so its work can continue in perpetuity.