HIGHLAND PARK, Mich. (WXYZ) — Friday afternoon Black business leaders from Highland Park announced a plan to pay off the city's debt to the region's water authority and invest $10 billion into the city.
They said the money is coming from an anonymous philanthropist.
One of the major projects from the $10 billion would be a new development called "Uptown Highland Park."
Leaders said, it includes 90 apartment units as well as 70,000 square feet of ground floor retail space.
They also said it's currently under renovation.
The initiative is being lead by Manna Development Corporation. Their president, Kenneth Hogan said he's never worked on a project of this scale.
When 7 Action News asked Hogan who is financing the project he wouldn't say. Instead, he said, "We will have an opportunity to reveal who the investors are but because of the competitiveness of projects we’ve done in the city, we would not like to reveal this at this time."
Hogan did say that the mysterious investor spent time in his youth in Highland Park walking the streets.
A quick Google search will show you that there's less than 200 people in the entire world who have enough money to invest $10 billion.
Highland Park residents told 7 Action News they're skeptical of where the money is coming from and the process leaders are taking to use it.
"There’s been so many promises in the past that have not come to fruition," said Shannem Ligon whose family is from Highland Park. "There’s been big numbers on the table before and it just didn’t benefit the people."
Business leaders said that the investment would be over the course of four years and they expect the ground breaking to be at some point next summer.
Highland Park's mayor said he has not seen any documentation of the money.
"It’s a way to do everything, there’s an order in place," said Ligon. "If you go outside of that it brings attention."
