Gilbert $1B RenCen nonprofit announcement

And then, there's the Renaissance Center and the Riverfront, something no other single human has ever done But since Dan Gilbert is different, not only is he taking it on, we are announcing something today that has never been done before in history. The Renaissance Center, for all its challenges and as much as it needs to be reimagined, it is the symbol of Detroit. And the Riverfront, understood as Dan does, is a crown jewel of the city, a civic asset belonging to all that must operate for the benefit of all the people so today we are announcing that the Renaissance Center in the 35 acre east riverfront district will not will not be developed owned and operated by Bedrock or on a full profit rather we are announcing today that Dan Gilbert is pledging one billion dollars to establish a new non-profit organization that will redevelop, own, and operate the Renaissance Center in the entire East Riverfront with a single mission to create lasting community benefit for Detroit. What does this mean? What does this mean? It means that this iconic symbol of our city and the people's riverfront will be stewarded by an organization dedicated not to any commercial motive, but to public benefit social welfare and civic betterment in perpetuity this has never been done before folks anywhere never been done before anywhere certainly not anywhere near this scale you're going to like this i think councilman miller's going to like it means that any future surplus funds if there's profit not just profit if there's any money left over after this project pays its bills that money must be reinvested back into the community it means we are creating a perpetual and renewable source of community reinvestment this has never been done it means that dan will contribute a billion dollars not tax deductible by the way for any cynics out there the non-profit is a 501c4 organization and uh for our friends in the political world you can all it means dan will contribute one billion dollars and his contribution will never be a billion dollars out it is a gift it is a gift from the heart of one of the most generous and visionary humans god has ever gifted to us all