The Detroit Institute of Arts announced Tuesday that nine Michigan companies have collectively pledged $26.8 million toward the museum's commitment to raise $100 million as part of a "grand bargain" to support municipal retiree pensions while protecting city-owned artwork from possible sale as part of Detroit's bankruptcy.
Representatives from all nine companies spoke during an official announcement on Tuesday at the DIA. The pledges bring the DIA to almost 80 percent of its grand bargain goal. Some of the commitments were made earlier, but had not been publicly announced.
Detroit Mayor Mike Duggan and bankruptcy mediator Judge Gerald Rosen also were in attendance.
"I am just overwhelmed," said Duggan. "These partnerships are going on everyday and I am deeply grateful."
Duggan thanked Rosen for his work in mediating and negotiating the so-called grand bargain.
"The inspiration of what we now call the grand bargain -- was genius the first time I heard it, I didn't think it was possible -- but this town does owe a deep gratitude to Judge Rosen," said Duggan.
The $26.8 million breaks down as follows:
1. $10 million from Roger S. Penske and Penske Corporation
2. $5 million from DTE Energy
3. $5 million from Quicken Loans and the Rock Ventures Family of Companies
4. $2.5 million from Blue Cross Blue Shield of Michigan
5. $1 million from Meijer
6. $1 million from Comerica Bank
7. $1 million from JPMorgan Chase
8. $800,000 from Consumers Energy
9. $500,000 from Delta Air Lines Foundation
General Motors, Ford and Chrysler already have said they collectively would give $26 million toward the museum's commitment.
Foundations also have committed about $366 million, while the state will add $195 million.
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.