Add Ford Motor Co. and DTE Energy to the list of Detroit-area companies committing funding and other support to the nascent Detroit M1 (or M-1) streetcar project, now under construction.
Ford and DTE each announced $3 million in funding for the $140 million project at a relatively low-key ceremony held Monday, Sept. 15, 2014, that also included Secretary of Transportation Anthony Foxx and local city officials.
The two companies get some perks for their involvement, according to local media. Ford will get its name placed at the M1 Rail station at Amsterdam, near West Grand Boulevard, according to Jim Vella, head of Ford's philanthropic fund and community services. "We may do some things around the stop like e-charging stations for vehicles," Vella said, "but we haven't worked that out yet."
DTE Energy President and CEO Matt Cullen said his company will be in effect a sponsor of the line, with designations noting it is "powered by DTE."
The two donors join numerous other area backers, including but not limited to the Kresge Foundation, Quicken Loans, and Penske Corp. Detroit's Downtown Development Authority and the Federal Transit Administration have also been strong supporters, with FTA giving the go-ahead for the project in April 2013.
M1 last week also received a $12.2 million grant from the federal Transportation Investment Generating Economic Recovery (TIGER) program, administered by FTA.
In addition, Michigan Economic Development Corporation's Michigan Strategic Fund last March approved a 10-year loan, with a 2% interest rate, to assist development of the line.
Construction on the 3.9-mile M1 line began last July 28.