Investment boost for Detroit
Detroit mayor Mike Duggan is hoping investment can help trigger further rebuilding efforts in the city, which declared Chapter 9 bankruptcy in July of 2013. The investment is expected to assist the city’s urban redevelopment projects, provide loans to homeowners and help in the removal of urban blight such as abandoned homes, according to the Detroit Free Press.
“I think it’s a significant start,” Duggan told Lauer. “It’s a good jumpstart. With what Jamie and his team are doing, we’re going to have money to loan to entrepreneurs, so we can bring not just the neighborhoods back, but the businesses back.”
Lauer asked Dimon what he expects at the end of the investment’s five-year period.
“Jobs and population,” Dimon said. “If it works, you’ll have a healthy and vibrant economy, jobs and population, businesses will beget home ownership, better schools, and a completely revived city.”
The hope is that Detroit can become a blueprint for other struggling cities to emulate.
“I think it would be a great example, shining example, of what can be done,” said Dimon.