For the Troy Daily News
TROY — Troy is among 50 American communities celebrating their victories in the first round of the America’s Best Communities competition, a $10 million initiative to stimulate economic revitalization in small towns and cities.
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm, has adopted the community and will serve as a strategic adviser to help its leaders develop a comprehensive strategy to accelerate the revival of their local economy and improve quality of life.
Troy, a community of more than 25,000 people, will be awarded $35,000 in prize money from the America’s Best Communities competition to build and implement a Community Revitalization Plan, and JPMorgan Chase plans to contribute an additional $15,000 to bring the community’s total winnings to $50,000.
The sponsors of the America’s Best Communities competition — Frontier Communications, DISH Network, CoBank and The Weather Channel — announced April 29 the winning communities that have advanced into the quarterfinals of this innovative campaign, which aims to jumpstart economic development and investment in rural America. The 50 quarterfinalist communities will now have six months to shape and refine their revitalization plans for the chance to win up to an additional $3 million to bring their ideas to life.
JPMorgan Chase, one of 50 companies participating in the America’s Best Communities Adopt-a-Community Program, has a long history of supporting Troy’s economic development efforts. Just last month Chase used its international reach to connect Troy Mayor Michael Beamish and a local delegation to leaders in Japan during the delegations trip to Asia.
“It’s exciting for us to help lift up this great community and to support its efforts to stimulate the economy,” said David Redick, who manages the Chase branch in Troy. “We get to see the great people of Troy every day, and it’s those people who make this community worthy of the America’s Best Communities designation.”
“America’s Best Communities is investing in small towns and cities like Troy to help jumpstart their economic revitalization and improve their quality of life,” Frontier General Manager Bethany Yost said. “With the Adopt-a-Community component of this $10 million competition, we’ll pair some of the sharpest minds in business with the grit and determination that is distinctive to rural communities and small towns. We’re thrilled JP Morgan Chase has joined all of us here at Frontier Communications to strengthen rural America, starting in its adopted community.”
America’s Best Communities is a multi-stage, three-year competition that will provide $4 million in seed money and other support to assist communities as they develop new economic growth strategies. The top three communities will receive a total of $6 million in prize money.
The 50 quarterfinalist communities have five months to complete their comprehensive Community Revitalization Plans to be considered for additional investment. In early 2016, 15 semifinalists will be selected to attend the America’s Best Communities summit to present their strategies, with eight finalists then awarded $100,000 to continue implementation of their plans. In April 2017, America’s Best Communities will name its three competition winners — those with the most innovative proposals being effectively implemented. The winning community will be awarded $3 million, with $2 million for second place and $1 million for third.
For more on America’s Best Communities and its Adopt-a-Community Program, visit www.americasbestcommunities.com.