Detroit City FC announced today that it has reached the $400,000 milestone in its historic community financing campaign.
The amount is significant because it marks the minimum the organization would have to raise before the funds could be made available to the organization. With the funds readily available, construction on Keyworth Stadium in Hamtramck can now begin.
To date, more than 340 Michigan-based individuals and businesses have participated in the deal, which remains open to investors until 11:59 p.m. on February 15.
The campaign, which is the largest of its kind in Michigan history, allows DCFC to give interested investors the opportunity to help grow the club and earn a financial return. Renovation of 80-year-old Keyworth Stadium in Hamtramck will commence in time to allow Le Rouge to take to the pitch for the start of the 2016 season in mid-May. The construction planning includes structural improvements to the grandstands, and the mending of bleachers, locker rooms, restrooms and lighting.
With the minimum reached, DCFC now has 12 days to make a final push to the community as the team strives to raise up to $750,000, the estimated amount needed to cover the full extent of this phase of renovations.
Keyworth Stadium will remain the property of Hamtramck Public Schools (HPS). Detroit City FC will retain the right to host 25 games and community events throughout the year over the course of a 10-year lease agreement. Hamtramck Public School sports teams will still have regular access to the stadium throughout this time.
“We still have a ways to go in our campaign but this milestone means a lot to Detroit City FC and our passionate supporters,” DCFC co-owner Sean Mann said. “This campaign is bigger than just this club. Keyworth represents not only the continued growth of DCFC, but an exciting new way to approach investment, historic preservation, community development, and sports business.”
Detroit City FC has partnered with Sidewalk Ventures, LLC, MichiganFunders and Hamtramck Public Schools on this project.
“Community-based investment requires two things: a proven, investment-worthy business and a deep connection between the business and its community,” Sidewalk Ventures founder Jeff Aronoff said. “This project is a success because DCFC exemplifies both of those qualities, and we’re privileged to be working alongside them.”
“This historic partnership of Hamtramck Public Schools and DCFC shows that when public and private sectors come together both benefit more than when each work alone,” Hamtramck Public Schools superintendent Thomas Niczay said.
“It’s phenomenal to be able to watch investors across the state of Michigan rally behind something like this,” MichiganFunders founder Niles Heron said. “The beauty and power of these sorts of funding methods is that it allows communities to dictate what they want to see built. MichiganFunders is incredibly proud to be a part of what is one of the largest and most successful community-raises in Michigan history.”
According to state law, only verified Michigan residents are eligible to participate. If you are a Michigan resident and wish to learn more, visit: http://bit.ly/1PXwYM3.
