KALAMAZOO, Mich. (WOOD) — The Kalamazoo Foundation for Excellence has hit the ground running.
The foundation’s board held its first meeting Friday morning, less than a week after Kalamazoo’s City Commission approved the multi-million dollar endowment fund.
City leaders say this is a big deal for Kalamazoo. Two private donors are giving more than $70 million to the city to stabilize its budget, lower property taxes and pay for aspirational community projects aimed at helping low-income and younger residents break generational poverty.
The Kalamazoo Foundation for Excellence was no longer just an idea on paper when Kalamazoo Mayor Bobby Hopewell called the board meeting to order.
Hopewell and City Manager Jim Ritsema are the first two board members. Hopewell says he believes the 15-member board will be established no later than November.
In the meantime, the two-member board had to take care of some procedural matters today, like approving the foundation’s bylaws, adopting a meeting schedule, approving an IRS filing and authorizing the foundation to negotiate with the Kalamazoo Community Foundation.
The meeting lasted 13 minutes. Its importance could span generations.