City of Akron, OH

01/10/2025 | Press release | Distributed by Public on 01/10/2025 08:19

City of Akron Announces Downtown Akron Development Corporation Surpasses Fundraising Goals with $1.5M Grant from Knight Foundation

Search for Executive Director Announced


Akron, Ohio, Jan. 10, 2025 - Last night, Akron Mayor Shammas Malik joined community leaders and downtown Akron stakeholders at the Akron Civic Theatre where he announced surpassing initial engagement and fundraising goals to restructure and collaboratively resource the Downtown Akron Development Corporation. After several months of working toward a collaborative operating model, Mayor Malik announced 17 corporate, government, non-profit, and philanthropic organizations who stepped up to provide support for the organization. Among the supporters, Kyle Kutuchief, Program Director for Akron at the John S. and James L. Knight Foundation announced a $1.5 million matching grant to support the Development Corporation.

The Development Corporation is charged with accelerating progress on downtown's most challenging development projects including mixed use residential redevelopment, a convention-center adjacent hotel, and a dense and vibrant retail corridor in the center of the city.

"A thriving downtown is critical to the success of our city, and imperative to the health of our region," said Mayor Malik. "Knowing that we can assemble support across sectors to prioritize and fast track this work speaks volumes about the dedication of our community to improving downtown for the benefit of all."

"At Knight Foundation, we are steadfast in our commitment to investing in the development and success of downtown Akron," said Kyle Kutuchief, Program Director for Akron at Knight Foundation. "Cross-sector partnership is key to ensuring the long-term success of efforts to create and maintain a thriving city center."

There are seventeen organizations expect to provide startup funding over three years to kick-start momentum. Each organization will nominate a board member to be elected early in 2025. The annual goal of $350,000 was met through initial commitments and then surpassed with Knight Foundation's commitment. Organizations include:

Akron Children's
Akron Community Foundation
City of Akron
County of Summit
Development Finance Authority
Downtown Akron Partnership
GAR Foundation
Greater Akron Chamber of Commerce
Huntington-Akron Foundation
Knight Foundation
Land Bank of Summit County
Oswald Companies
PNC Bank
Roetzel
State and Federal Communications
The University of Akron
Vorys

Knight Foundation funding is structured as a 2:1 match designed to build organizational capacity and draw additional support to the work. Private and public investments into priority projects can count toward the match.

With the fundraising accomplished, the Development Corporation is beginning a search for an Executive Director with visionary leadership and development expertise. The Executive Director will assemble funding, track development and investment, connect with developers, market properties and projects, host developer events, survey property owners and developers, and inventory sites and available funding programs to support development. Their expertise and efforts will complement the economic development work already accomplished by the City, County of Summit, Greater Akron Chamber of Commerce, Development Finance Authority, the Summit County Land Bank, and Downtown Akron Partnership - all of whom will be represented on the Development Corporation board.

The Executive Director description and qualifications can be found here. Interested applicants can submit their cover letter and resume to the Board of Directors via Jason Dodson at [email protected].