Benefit Raises Funds for Housing Initiative in Highland Park; HP Devco, Inc. Honors DaimlerChrysler Executive with 'Partnership Award'
23 October 2000
Benefit Raises Funds for Housing Initiative in Highland Park; HP Devco, Inc. Honors DaimlerChrysler Executive with 'Partnership Award'
HIGHLAND PARK, Mich., Oct. 23 On Tuesday, Oct. 24,
Highland Park will announce a new community development initiative that will
support renovation and redevelopment in a nine-block residential area south of
the city's "Town Center" retail development along Woodward Avenue, announced
Harriet B. Saperstein, president of HP Devco, Inc., a non-profit economic
development corporation. A major component of the "HP Devco Housing
Initiative" will be renovation of older houses, new in-fill affordable
housing, training for homeowners in home repair skills, financial assistance
for more extensive repairs and development of a homeowners association in the
area.
The HP Devco Housing Initiative will create collaborations between public
and private sector interests in support of neighborhood redevelopment and the
creation of new home ownership opportunities. Other aspects of the initiative
will include:
* A housing rehabilitation plan for the area
* Demolition of abandoned homes
* Rehabilitation of single family homes
* New construction of single family homes
* Innovative housing programs and services
A fundraising event to launch the HP Devco Housing Initiative will be held
on Tuesday, Oct. 24, 5:30 p.m. to 8 p.m., at the new Budco International
Headquarters, 13700 Oakland Avenue, in Highland Park. W. Frank Fountain, Vice
President of Community Affairs and President of the DaimlerChrysler Fund, will
receive the HP Devco "Partnership Award." The event is sponsored by
DaimlerChrysler Corporation Fund, Bank One, Budco Corporation Inc., Detroit
Edison Company/Detroit Edison Foundation, Flagstar Bank, McCormack Baron &
Associates, National City Bank, Bill Snethkamp Chrysler Jeep and Stuart
Frankel Development Corporation, and will include a buffet and entertainment.
"The City of Highland Park has become a model for urban redevelopment,"
said Linsey Porter, Mayor of Highland Park and Vice Chair of HP Devco. "New
and returning businesses are reaping the benefits of providing quality
products and services to consumers. The impact of the economic growth is
changing the lives of individuals, energizing other communities and
strengthening the entire metropolitan area.
"The housing initiative will empower our citizens to restore the fine
traditional housing stock of Highland Park neighborhoods and bring new
developers to the area to provide affordable housing," Porter said.
"We plan to create a model program that can be replicated throughout the
City of Highland Park and elsewhere in the metropolitan area," explained
Saperstein. "More than 20 organizations -- including banks, mortgage
companies, governmental agencies and other non-profit groups have come to the
table to help facilitate this housing initiative."
Leroy C. Richie, Chairman of HP Devco's Board of Directors, expressed
pleasure that he and Mayor Linsey Porter can recognize DaimlerChrysler's
continued support of HP Devco and Highland Park. "DaimlerChrysler has been a
model of continued urban commitment," Richie said. "This has been exemplified
by the financial and technical support it has provided in the last several
years. We are delighted to recognize this dedication by honoring my former
colleague, W. Frank Fountain, Senior Vice President, Government Affairs, and
President of the DaimlerChrysler Corporation Fund, with HP Devco's first
'Partnership Award'."
DaimlerChrysler Corporation is a major partner in the HP Housing
Initiative. Recently, HP Devco received a challenge grant from the
corporation offering to match funds contributed to the $3 million campaign,
which will be used to finance the initiative and other community and economic
measures.
HP Devco is a non-profit economic development corporation that has
redeveloped the retail core of Highland Park through Highland Park Place and
Model T Plaza, the two shopping centers bordering Woodward Avenue, as well as
new residential projects. The corporation has become nationally recognized
because of its ability to create successful partnerships between the City of
Highland Park, financial institutions, developers and corporations interested
in the city. HP Devco has also provided financial assistance to small
businesses in the form of loans and/or investments, technical or grant support
and served as a liaison to city, state and regional governmental agencies.
"An initial $5 million grant from the Chrysler Corporation has resulted in
more than $56 million in leveraged new development investments in Highland
Park," according to Saperstein. "Just drive down Woodward Avenue and see the
stores and new housing built in the last 10 years. Now it's time to turn to
our neighborhoods, the heart of our communities, and see how best we can work
with residents and organizations to make a visible difference in the quality
of life for our citizens."
"The rejuvenation of Highland Park is an example of what can be achieved
when a private corporation, in partnership with a non-profit organization,
joins hands with the citizens to revitalize a vibrant, caring, historic
community in the heart of metropolitan Detroit," she said.
For more information on HP Devco, call 313-252-0353.