Grand Bargain Gets Grander: Two national foundations pledge money

Grand Bargain Gets Grander: Two national foundations pledge money

Two national foundations have pledged $13 million toward the Detroit Institute of Arts‘ portion of the “Grand Bargain” in the city’s bankruptcy. The New York-based Andrew W. Mellon Foundation and the Los Angeles-based J. Paul Getty Trust join the Detroit Three automakers in contributing funds, the DIA announced in a news release today.

The Mellon Foundation pledged up to $10 million while the Getty Trust will add $3 million. “Mellon has pledged $5 million immediately, with the full amount contingent on the museum raising sufficient matching funds to meet its $100 million fundraising requirement,” the DIA said.

“By pledging this unusually large grant to a single institution, the Foundation recognizes the significance of the DIA for the ongoing recovery and renewal of Detroit, and affirms its confidence that the museum will remain critical to the cultural life of the city and the nation,” Mellon Foundation President Earl Lewis said in a statement.

The money will go toward the DIA’s $100 million commitment as part of the Grand Bargain. The deal also includes $195 million in state money and $466 million from other foundations going toward pension funding in exchange for the DIA’s collection being protected from sale to pay creditors as long as Detroit’s pensioners vote in favor of the city’s Plan of Adjustment.