Politics & Government
11:20 pm
Wed July 16, 2014

DIA secures $26.8 million in corporate pledges, reaches 80% of "grand bargain" goal

Credit Detroit Institute of Arts

The Detroit Institute of Arts is closer to fully funding its portion of the “grand bargain.”

The museum announced $26.8 million in additional corporate pledges today on Wednesday.

8 companies announced contributions. The Penske Corporation led the way with a $10 million donation, while both Quicken Loans/Rock Enterprises and DTE Energy chipped in $5 million.

The museum needs to come up with $100 million total for its share of the more $866 million deal that would spare Detroit pensioners deep cuts in bankruptcy, while protecting the DIA’s collection from being sold to pay off the city’s creditors.

DIA board chairman Eugene Gargaro says they’ve raised about 80% of those funds, and he “likes their chances” of reaching 100% soon.

“There’s no timetable,” Gargaro said. “Some people have said we have 20 years to do this. I’m hopeful that by the fall, we’ll have completed the entire DIA/grand bargain commitment.”

Detroit Mayor Mike Duggan says the grand bargain is a double win for the city.

“A city is a mix of different assets, and different neighborhoods, and different communities,” Duggan said. “And the DIA is essential to the city.”

City retirees had until last week to cast ballots on the grand bargain, which is part of Detroit’s larger bankruptcy restructuring plan.

Results of that vote are expected next week.