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January 10, 2013

Kresge Foundation Pledges $150-Million for Detroit Redevelopment

The Kresge Foundation, which has been closely involved in Detroit's revitalization efforts, announced a $150-million grant Wednesday to implement a long-term strategic plan for the city, The Detroit News reports.

The Detroit Strategic Framework, also formally unveiled Wednesday, is the result of a City Hall-led effort launched in 2010 to develop a plan for economic development and neighborhood reinvestment in the city, which has lost nearly two-thirds of its population since the 1950s.

Foundation President and CEO Rip Rapson called the five-year Kresge grant "an inoculation" against political changes disrupting the plan. "Whether that's two years from now or 10 years from now, it is a way to ensure that this framework lives and breathes and grows in a community over time," he said.