A concept to pool private companies' resources under a nonprofit umbrella to purchase downtown properties for redevelopment has taken another step forward.
During a quarterly update meeting of the Capital Crossroads Vision Plan Committee on Wednesday morning, Greater Des Moines Partnership President Gene Meyer announced that 20 companies have verbally committed to participate in the nonprofit, to be named Acquisition Inc., and that he expects a formal agreement to be announced sometime next month.
Each company would provide a minimum $500,000 line of credit to the nonprofit, which will be housed at the Partnership.
No governmental entities would provide funding to the nonprofit, said Meyer, who was named the Partnership's president in January.
Meyer said he is seeking more companies to commit in addition to the initial 20.
The names of the companies won't be released until the August announcement, he said.