Another seven corporations and two foundations are contributing nearly $27 million toward the Detroit Institute of Arts’ $100 million portion of the grand bargain,
At a new conference this morning at the museum, representatives from the Roger S. Penske and Penske Corporation, Quicken Loans and the Rock Ventures Family of Companies, DTE Energy, Blue Cross Blue Shield of Michigan (BCBSM), Meijer, Comerica Bank, and Consumers Energy as well as the JPMorgan Chase Foundation and Delta Air Lines Foundation made the announcement.
The “grand bargain” is the combination of state money ($195 million), philanthropic funding ($366 million pledged from 10 foundations), and the DIA’s commitment to raise money for Detroit’s two pension funds. The money becomes available as long as the city’s pensioners approve the Plan of Adjustment, which includes giving up the ability to litigate over provisions of the bankruptcy and the state’s emergency manager law. In exchange, the city agrees not to sell the museum’s artwork to raise funds for creditors.
“We are extremely pleased to see this very generous corporate support for the grand bargain and City of Detroit pensioners from these major Michigan businesses,” DIA Board Chairman Eugene A. Gargaro Jr., said in a statement. “They all have a long history of civic and community support and these leadership pledges demonstrate their strong commitment to Detroit’s future. We thank them for helping the DIA to fulfill its $100 million Grand Bargain commitment and know that other donors will join in this great success story for our city and our state.”
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.
With the new funds, the DIA has reached nearly 80 percent of its $100 million commitment, officials said.