A $100,000 grant from Cincinnati-based Fifth Third Bancorp (Nasdaq: FITB) will help revitalize the south side of Indianapolis. The money will support a quality of life study and planning process designed to spur economic development in the area.
January 27, 2015
INDIANAPOLIS, Ind. – The continuing effort to revitalize the Southside of Indianapolis will receive a major boost from Fifth Third Bank this year through a $100,000 grant to support an intense study and planning process designed to spur economic development and build a sustainable community.
The 4.25 square-mile focus area (bound by Raymond Street, I-65, I-465 and Meridian Street) faces many challenges, including a 20-percent poverty rate, higher-than-average unemployment and a plethora of empty homes and storefronts. The Strengthening Our Communities Fund Grant from Fifth Third Bank, Greater Indiana, will support an 18-month Quality of Life Plan that will identify ways to strengthen all aspects of life in the neighborhood and create a vision for the future for an area rich in tradition but with a history of migrating businesses and residents.
“This grant will strengthen our community partnership and support the ongoing progress on the Southside,” said Steven Alonso, president and CEO of Fifth Third Bank, Greater Indiana. “Fifth Third is proud to contribute to the comprehensive community and economic development strategy to improve the quality of life for residents and business owners in the area.”
Several neighborhood organizations and governmental agencies also will be involved in the Quality of Life Plan. The local media is invited to attend a press conference and bus tour of the neighborhood at 10 a.m. on Jan. 29, at which time leaders of the effort will discuss the plan in more detail before taking a guided tour to see firsthand how the Plan can impact and enhance the neighborhood. Residents, business owners, local governmental officials and Bank leadership are confirmed to attend.
Press Conference and Bus Tour
Southside Quality of Life Plan
10 a.m., Jan. 29
Christel DeHaan Fine Arts Center
University of Indianapolis
Press conference to begin at 10 a.m.
Bus tour to begin at approximately 10:30 a.m. (media invited)
Parking available in Lot 1
Fifth Third Bank has partnered with the Local Initiatives Support Corporation (LISC), the University of Indianapolis and the Indianapolis Neighborhood Housing Partnership (INHP) in this effort. These organizations have focused efforts to revitalize the Southside in recent years, and LISC (the grant recipient) and UIndy will lead the charge to engage residents and business owners to contribute to the study and planning. Fifth Third Bank, Greater Indiana, is the first financial institution to support comprehensive community and economic development in this area.
The project will organize stakeholders to decide collectively on the priorities for the neighborhood and act on those priorities. Fifth Third will contribute $100,000 and LISC and UIndy have agreed to raise an additional $70,000 to support the planning process.
“We know that neighborhoods can be revitalized when they have sufficient capital, technical expertise, and political will to support their unique agendas. Quality of Life plans have proven to be a great vehicle for attracting these resources,” said Bill Taft, executive director of LISC.
“Enhancing the quality of life in this part of the city is a core component of UIndy’s strategy for the future, and we’re committing significant resources to that end,” university President Robert Manuel said. “It’s great to have this particular mix of partners joining in the effort, because the kind of change we intend to bring about can only occur through collaboration.”
The Indianapolis City-County Council recently approved the creation of the Madison Avenue Corridor Economic Development Area, which opens the door for even more economic stimulus to the area. LISC and UIndy were heavily involved in supporting this initiative, and the Quality of Life Plan will help drive additional enhancements to the Southside.
UIndy has pledged a five-year, $50 million investment program for the campus and surrounding area that will include a renovated library, new housing and physical and mental health facilities to serve the community. The City of Indianapolis recently announced a substantial federal grant for Southside enhancements and supported the creation of a rapid transit line that would travel through the area via a route along Shelby Street and U.S. 31 from Hamilton County in the north to Johnson County in the south. Southside leaders point to these initiatives as proof that the area is ripe for redevelopment.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2014, the Company had $139 billion in assets and operated 15 affiliates with 1,302 full-service Banking Centers, including 101 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,638 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 22.8% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2014, had $308 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.
Source: Fifth Third Bank