DETROIT (Business Wire) -- Bank One donates building for community use
U-SNAP-BAC will celebrate its move to its new, larger east side headquarters, 14901 East Warren at Alter Road, at an 11 a.m. open house Tuesday, Sept. 20.
The nonprofit community development corporation has invested $175,000 to renovate the two-story building, which was donated by Bank One. The bank also made a construction loan to U-SNAP-BAC to renovate the former bank branch.
"Bank One's interest in improving conditions for the residents on the east side of Detroit has lead them to donate their former bank building," said Linda Smith, executive director of U-SNAP-BAC. "Without their dedication to the community, this opportunity could not have presented itself. This building will not only enhance the current operations of U-SNAP-BAC, but it will be a place where residents use community resources in the heart of their neighborhood. There is no greater place to do this than this beautifully renovated facility."
U-SNAP-BAC has worked hard to redevelop the east side through projects and outreach to other community groups as well as individuals.
"We share U-SNAP-BAC's vision of creating a stronger city through investment and revitalization of Detroit's neighborhoods," said Dick Wade, president of Bank One in Michigan. "We knew our building would continue to serve the community in U-SNAP-BAC's capable hands."
The renovated building is now U-SNAP-BAC's administrative office and center for its community outreach programs, which include first-time homebuyer workshops, financial literacy classes, and a host of informative community meetings and seminars. U-SNAP-BAC will share its new meeting rooms and office resources with the many neighborhood associations and block clubs it assists, Smith said.
U-SNAP-BAC also helps low-income residents with home repairs, conducts a crime-prevention program and provides business incentive grants to maintain and promote small businesses.
U-SNAP-BAC, formed in 1985, is developing Morningside Commons, a three-phase, $20 million affordable housing project that currently includes 40 single-family homes, 64 rental townhouse units and a community park. The group plans to embark soon on the final phase--50 single-family homes for low- and moderate-income residents--in the area bounded by Mack, East Warren, Alter and Wayburn avenues.
U-SNAP-BAC's mission is to promote economic growth and neighborhood improvement, and it is committed to improving the quality of life for Detroiters through collaboration and the sharing of resources and skills. Providing low- to moderate-income housing, the organization's grass roots community organizing involves people in identifying shared problems and finding their solutions. U-SNAP-BAC's goal is to revitalize the city's east side from Cadieux on the east, Van Dyke on the west, Morang on the north and Charlevoix to the south.
Bank One, which merged with JPMorgan Chase last year, operates 245 branches and 370 ATMs in Michigan. Those branches will convert to the Chase name in 2006.
U-SNAP-BAC
Linda Smith, 313-640-1100
or
Bank One
Mary Kay Bean, 313-225-2831
© Business Wire
Only GlobeinvestorGOLD combines the strength of powerful investing tools with the insight of The Globe and Mail.
Discover a wealth of investment information and and exclusive features.
