KeyBank invests in collaborative economic development strategy for economically challenged regions of Buffalo, Niagara Falls and Rochester
Published 3 hours ago
Proposed by KeyBank
KeyBank and the First Niagara Foundation support New York State’s new Regional Revitalization Partnership (RRP) for the cities of Buffalo, Niagara Falls and Rochester. New York Governor Kathy Hochul recently announced the initiative, in which the state will partner with private funders and city governments to invest in economically distressed places in every city.
Developed through a collaborative effort throughout 2021, the RRP is a $300 million regional private and public co-investment in three interconnected geographies: Buffalo, Niagara Falls and Rochester. This community-driven strategy aims to create local wealth and empower residents using a model that drives economic development through government and philanthropic partnerships.
The partnership will maximize social and economic impact in these three Western New York cities by co-investing in projects and programs aimed at improving economic conditions for the benefit of residents and businesses in these communities. It builds on and accelerates the collaborative and community work already underway. New York State will commit $200 million, philanthropic and corporate partners will commit $81 million, and the remaining $19 million will come from each city’s local government. KeyBank and the First Niagara Foundation were among the first investors in the fund, committing $625,000 to the partnership.
“All of us at KeyBank are proud to be part of this collaborative effort that will take the revitalization of Buffalo, Niagara Falls and Rochester to new heights and bring new hope and opportunity to these areas,” said Elizabeth Gurney, Director corporate philanthropy. at KeyBank and Managing Director of the First Niagara Foundation. “From new small businesses to revitalized neighborhoods and an even stronger workforce, we look forward to seeing the success this program will bring to these communities that we are so proud to serve and of which we are a part.
A summary of the RRP’s strategies, implementation approach, projects, programs and targeted geographies is available here.
KeyCorp’s roots go back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest banking financial services companies, with assets of approximately $176.2 billion as of March 31, 2021. Key provides deposit, lending, cash and investment management to individuals and businesses in 15 United States as KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also offers a wide range of sophisticated corporate and investment banking products, such as advice on mergers and acquisitions, public and private debt and capital, syndications and derivatives to middle market companies. in selected industries across the United States under the trade name KeyBanc Capital Markets. For more information, visit https://www.key.com/. KeyBank is an FDIC member.