Detroit Institute Of Arts Reaches $100M Grand Bargain Goal

DETROIT (WWJ/AP) - The Detroit Institute of Art has reached its goal of raising $100 million over 20 years to help fund the city's bankruptcy restructuring plan.

The current total pledges from the museum amount to about $90 million. DIA board chair Gene Gargaro says accelerated payment schedules of donors helped account for the remaining $10 million by the end of December. But the museum declined to comment on the exact amount that's been raised.

"We're thrilled that our generous donors have helped us reach our goal so quickly," Gargaro said in a statement. "Not only have many long-time donors come through for us, but many new donors, including those from outside Michigan, have also given generously. We want to thank everyone who helped us fulfill this commitment that will benefit Detroit's pensioners and safeguard the museum's collection for generations to come."

Under the grand bargain, the DIA is required to make payments of $5 million per year for 20 years. Although the museum is still awaiting signed agreements from several donors, the DIA has secured payment schedules that will allow the museum to exceed its annual commitment of $5 million in the first five years.

The efforts were part of a debt restructuring plan calling for the contribution of more than $800 million from the state, corporations, foundations and others to soften cuts to city pensions while placing the art into a trust.

[Complete Coverage: Detroit Bankruptcy]

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