DETROIT (WXYZ) - A private dinner tonight will pave the way for the official announcement of JPMorgan Chase & Company’s $100 million investment in the city of Detroit.
“When they made this announcement of $100 million, that was more than in our wildest dreams,” said Sandy Baruah, President and CEO of the Detroit Regional Chamber.
Baruah will be among the invited guests at tonight’s gathering at the Madison Building in downtown Detroit. He told 7 Action News he expects to hear additional details of the investment and how it figures to impact the city’s future.
“This is $100 million that’s saying very loudly, yes the outside world is coming to Detroit, very strongly,” said Baruah. “That is a key milestone for the recovery of Detroit.”
JPMorgan Chase Chairman Jamie Dimon will be in Detroit for the dinner and will participate in the formal announcement of the investment during a noon luncheon on Wednesday.
The nation’s largest bank plans to channel its millions into community development, blight removal, workforce development, small business support in addition to a strategic investment in the city’s new M-1 rail line. The support will come through loans and grants.
“This is going to be a big investment and I know that there are other large national institutions, very brand name institutions that are either looking at doing business in Detroit because of what’s happening here, or looking to make another large kind of philanthropic investment in the city, ala JPMorgan Chase,” Baruah said.