Donation will unlock an additional $210M in public and private investments
HOUSTON, Sept. 27, 2022 /PRNewswire/ — The non-profit Buffalo Bayou Partnership (BBP) announces that its Buffalo Bayou East Master Plan will become a reality thanks to a historic public-private partnership anchored by a $100 million gift from Kinder Foundation, which is leveraging another $210 million of public and private investments. This visionary plan integrates new bayou parks, trails, housing, cultural destinations, and infrastructure improvements into Houston’s Greater East End and Fifth Ward neighborhoods.
Funding for delivery of the first ten years of Buffalo Bayou East is a premiere example of public and private entities working together to provide equitable green space for all. Kinder Foundation’s $100 million gift, combined with approximately $37 million already raised by BBP, served as the catalyst to secure significant public funds from the City of Houston ($83.5 million), and Harris County ($24 million), as well as $14 million in federal housing tax credits. BBP will continue to raise the remaining private funds needed, with a goal of raising an additional $46 million by 2031. The Kinder Foundation’s $100 million gift is the largest single donation in Houston parks history.
“Buffalo Bayou Partnership is honored that the Kinder Foundation is entrusting our organization to steward this extraordinary gift,” says Anne Olson, Buffalo Bayou Partnership President. “This plan is not only about parks and trails – it is a comprehensive community development plan for a part of town that has not seen this level of investment before.”
“There is a rich history and a valued culture along Buffalo Bayou east of downtown, and Buffalo Bayou Partnership is to be commended on the decades spent in the community laying the groundwork for this plan,” stated Rich Kinder, Chairman, Kinder Foundation. “This plan is in good hands under the direction of Buffalo Bayou Partnership.”
“The City of Houston is grateful to the Kinder Foundation for this generous investment that will accelerate the Buffalo Bayou East Master Plan, pending City Council approval. The visionary plan will enhance our community for Houstonians and visitors. Public-private partnerships are critically important because there are never enough public funds to address infrastructure and quality of life issues. By working together, we can make a meaningful and enduring impact on the lives of every Houstonian,” said Mayor Sylvester Turner.
SOURCE Buffalo Bayou Partnership
