Detroit Institute of Arts: $26.8 million pleged to support retiree pensions, protect city artwork

DETROIT (AP) - The Detroit Institute of Arts announced today, $26.8 million has been pledged toward the their commitment to raise $100 million as part of the "grand bargain."

Donations were put forth by 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, JPMorgan Chase Foundation, Consumers Energy and Delta Air Lines Foundation to help the city of Detroit emerge from bankruptcy, support city pensions and protect the DIA's art collection.

"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,” said Eugene A. Gargaro Jr., DIA board chairman.

“It is a historic time for our city when such a diverse group of individuals, government, corporations and foundations come together to take this positive step in the process of revitalizing Detroit. It sets the tone for the work yet to be done. I am optimistic about the future of the city and its citizens," said Roger S. Penske, chairman, Penske Corporation.

These pledges bring the DIA to almost 80% of its grand bargain goal. Some of the commitments were made earlier, but had not been publicly announced.

The deal is a piece of the city's bankruptcy restructuring plan. Retirees have voted on the plan. The Grand Bargain money goes away if retirees voted down the plan. Ballot results are expected to be announced next week.

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