DETROIT (WWJ/AP) – The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees, raising the pool of money to $370 million.
The announcement was made Tuesday by a coalition of foundations. The group wants to continue to attract financial support from foundations and individuals while Gov. Rick Snyder tries to win approval for $350 million from the state.
City-owned art at the Detroit Institute of Arts could be vulnerable to sale in Detroit’s bankruptcy. At the same time, Detroit’s pension funds are short by $3.5 billion.
In a statement, the Detroit bankruptcy mediators thanked the Kellogg Foundation for its “important contribution.”
“Along with the contributions of the other Foundations, the Kellogg Foundation’s commitment today inspires the mediation team to continue its work toward facilitating agreements among as many of the parties to the Detroit bankruptcy as possible, agreements which can become part of a larger, balanced agreed-upon Plan of Adjustment designed to provide Detroit with a prompt and successful exit from the bankruptcy and to move us toward a revitalized and renewed City and region,” the mediators said.
Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of bankruptcy.
TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.