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Cleveland Cavaliers owner Dan Gilbert pledges $500 million to revitalize hometown of Detroit

FILE - In this Nov. 1, 2018 file photo, Cavaliers owner and Quicken Loans founder and Chairman...
FILE - In this Nov. 1, 2018 file photo, Cavaliers owner and Quicken Loans founder and Chairman Dan Gilbert speaks at a news conference announcing the 2022 NBA All -Star game, in Cleveland. Gilbert is slowly returning to work eight months after suffering a stroke. The 58-year-old entrepreneur returned to his Detroit office early this year. In an interview with Crain's Detroit Business, he said he spends one or two days a week in his office, using a wheelchair and accompanied by a service dog. (AP Photo/Tony Dejak, File)(Tony Dejak | AP)
Updated: Mar. 25, 2021 at 9:58 AM EDT
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CLEVELAND, Ohio (WOIO) - In a rare public appearance since his stroke in 2019, Cleveland Cavaliers owner Dan Gilbert made an announcement regarding a significant investment into his hometown.

While speaking with CBS News, Gilbert said he is helping to fund a $500 million initiative to rebuild neighborhoods in the city of Detroit.

A large portion, expected to cover about 20,000 residents, will be used to relieve homeowners experiencing delinquent property taxes.

“It was very clear to us that it was property taxes that caused the majority of the blight in Detroit, and the vast majority of citizens at one point were in tax foreclosure,” Gilbert said.

Regarding his stroke, Gilbert acknowledged it is still a long road to recovery.

“I’m feeling good, getting better. It’s like an inch a day,” the founder of Quicken Loans said.

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