Kalamazoo city leaders teased a "transformational" announcement to be shared Wednesday, July 28.
During a news conference, Mayor David Anderson announced a $400 million donation to the Foundation for Excellence endowment.
In a written statement, they compared the announcement to a recent gift of $550 million to Western Michigan University, the largest single private donation to a public university.
"This is a historic moment for Kalamazoo. This announcement means dependability, ensuring the city will sustainably thrive and equitably serve all residents in perpetuity," said City Manager Jim Ritsema.
Ritsema, Anderson, Former Mayor Bobby Hopewell, Deputy City Manager Laura Lam and Foundation for Excellence Manager Steve Brown all attended the announcement, which began at 2 p.m.
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The Foundation for Excellence funds projects and partnerships in the city to advance the resident-identified goals of Imagine Kalamazoo 2025.
Prior to Wednesday, the foundation's website said $120 million had been invested.