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DIA To Make Major Grand Bargain Announcement Wednesday

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(Credit: Bill Pugliano/Getty Images)

(Credit: Bill Pugliano/Getty Images)

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DETROIT (AP) - A major announcement is expected in a deal that promises millions of dollars to support municipal retiree pensions while protecting city-owned artwork from possible sale as part of Detroit’s bankruptcy.

The Detroit Institute of Arts says details will be released Wednesday morning at the art museum.

The DIA has pledged $100 million to the so-called Grand Bargain. General Motors, Ford and Chrysler already have said they collectively would give $26 million toward the museum’s commitment.

Foundations also have committed about $366 million, while the state will add $195 million.

The deal is a piece of the city’s bankruptcy restructuring plan. Retirees have voted on the plan. The Grand Bargain money goes away if retirees voted down the plan. Ballot results are expected to be announced next week.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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