DETROIT (WWJ) – A handful of business are pledging almost $27 million toward the Detroit Institute of Arts’ commitment to raise $100 million as part of a “grand bargain” that will help the city emerge from bankruptcy, support pensioners and protect the museum’s art collection for the public.
The $26.8 million comprises $10 million from Roger S. Penske and Penske Corporation, $5 million from DTE Energy, $5 million from Quicken Loans and the Rock Ventures Family of Companies, $2.5 million from BCBSM, $1 million from Meijer, $1 million from Comerica Bank, $1 million from JPMorgan Chase, $800,000 from Consumers Energy and $500,000 from Delta Air Lines Foundation.
The pledges bring the DIA to almost 80 percent of its grand bargain goal. Some of the commitments were made earlier, but had not been publicly announced.
The grand bargain will provide Detroit’s pensioners more than $800 million from local donors, local and national foundations and the State of Michigan over a 20-year period, subject to present value discounts for more rapid donor payments.
The funds will be directed to a supporting organization of the Community Foundation for Southeast Michigan and then disbursed for city pension payments over the next 20 years.
As part of the grand bargain, the City of Detroit will transfer ownership of the DIA’s collection, building and related assets to the private nonprofit corporation that currently operates the museum, Detroit Institute of Arts, Inc.
The money will be available only if retirees and city workers vote in favor of pension cuts. Those results will be announced Monday.