The investment of three currently anonymous donors means that residents in the City of Kalamazoo will see their taxes significantly slashed.

Announced Thursday, Kalamazoo will get an initial $70.3 million over three years to create the Foundation for Excellence, which will, among other things, cut the general property tax levy from 19.27 mills to 12 mills, which is an almost 40% reduction.

That cut is expected to go into effect January 2017.

The new fund will operate similarly to the Kalamazoo Promise, with the goal of it being fully funded by 2020.  Along with the huge tax cuts, the City plans on investing into social goals like the ending of generational poverty, neighborhood improvements and economic development.

It’s unclear whether the anonymous donors to the Foundation will ever come forward.