Jun 25, 2024 - News

Riverfront Conservancy gets financial relief

Joe Guillen

Ralph C. Wilson Jr. Centennial Park. Rendering courtesy of Detroit Riverfront Conservancy. — The Detroit Riverfront Conservancy says it remains committed to completing the Ralph C. Wilson Jr. Centennial Park and its other projects. Rendering courtesy of the Detroit Riverfront Conservancy

The local philanthropic community is raising $35 million to help the Detroit Riverfront Conservancy complete construction projects along the riverfront amid an ongoing federal probe of its former CFO, who is accused of stealing nearly $40 million.

Why it matters: The $35 million fund will help finish by next year the west riverfront's 22-acre Ralph C. Wilson Jr. Centennial Park.

It will also help complete final elements of the Uniroyal Promenade and Robert C. Valade Park.

State of play: The Community Foundation for Southeast Michigan announced Monday that it established the $35 million fund with a $10 million grant from the Ralph C. Wilson Jr. Foundation and a $25 million line of credit.

The fund is intended to pay contractors and support the conservancy's vision to develop and beautify the city's riverfront from the Ambassador Bridge to Belle Isle.

The latest: A federal judge on Monday froze up to $39 million in assets that former CFO William A. Smith allegedly controls, the Free Press reports.

Federal authorities allege Smith tried to sell properties after he came under investigation, including a home in Atlanta, a condo in Mexico and a 36-foot yacht.

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Riverfront Conservancy gets financial relief

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