Freep: Detroit’s “Grand Bargain” could include Big Three money

Freep: Detroit’s “Grand Bargain” could include Big Three money

The “grand bargain” deal to to help fund Detroit’s pensions and protect the Detroit Institute of Arts’ collection from sale to pay creditors has three provisions: an appropriation from state, $366 million from private foundations and $100 million from the museum.

The Detroit Free Press today is reporting where some of that $100 million could come from: the Big Three automakers.

The DIA approached the auto companies about six weeks ago to ask them to contribute more than $50 million as a group, one person familiar with the talks said. The total donation for the three may end up closer to half that amount, said the source.

The Freep reports that two sources told reporters that the deal could be as close as a week away.