The Big Three will donate $26 million to the Detroit Institute of Arts' $100 million share of the so-called "grand bargain" fund to protect the DIA collection and bolster city pensions as Detroit makes its way through bankruptcy.
"We are extremely pleased and appreciative of this remarkable financial commitment by the leadership of our corporate community to support the grand bargain,” said DIA chairman Eugene Gargaro during Monday's announcement of the Big Three contribution.
Under the terms of the deal, GM and Ford will each donate $10 million while Chrysler will contribute $6 million.
The $100 million fund will help fund the DIA over the next 20 years.
The state legislature has approved a package of bills to provide a $195 million lump sum contribution to the city's pension funds, protecting pensioners from deep cuts that likely would've been imposed during bankruptcy.
Additionally, a coalition of national and regional foundations has pledged more than $350 million to help bolster the pension funds and preserve the DIA.
From The Detroit News: http://www.detroitnews.com/article/20140609/METRO01/306090042#ixzz349rFdUy7