Detroit Institute of Arts officials say on Monday they will present a plan to help Detroit emerge from bankruptcy – tying it to the so-called Grand Bargain made by state lawmakers and some foundations to help preserve city retirees pension benefits. Gov. Rick Snyder is scheduled to attend the 11 a.m. news conference.
Today, the city’s daily newspapers — the Detroit Free Press and The Detroit News — reported the museum’s announcement would be about the Big Three automakers kicking $26 million in toward the museum’s $100 million pledge for pension funding.
Reporter Matt Helms writes in the Freep:
Ford and General Motors each have committed to $10 million and Chrysler $6 million to help the DIA raise its $100-million share of the grand bargain fund, according to several sources familiar with the deal. Blue Cross Blue Shield of Michigan also is considering a contribution, along with several national foundations, including Los Angeles-based Getty Foundation, the source said.
The Detroit News reports “DTE Energy Co. also has been considering a $5 million contribution.”
The legislature recently approved providing Detroit with $195 million as part of the “Grand Bargain,” the deal that also protects the museum’s artwork from sale. The Detroit City Council has also approved transferring art from the DIA to a charitable trust as part of the effort.
Some of Detroit’s creditors are arguing in court that the art should be sold to help cover the city’s debt.