$330 Million Was Just Pledged To Bail Out Detroit and Save DIA Collection

by

comment
In case you didn't hear, a bunch of national mega-foundations offered to pledge $330 million to help bail out Detroit's retiree pensions and save our city's art collection.

Two foundations, the Ford Foundation and Knight Foundation, are overseeing the rescue fund, which could make a substantial financial impact on Detroit's turnaround.

(Still unknown is how much, exactly, we're in for. Pension leaders have put the number at around $700 million, while emergency manager Kevyn Orr says it's actually more like $3.5 billion.)

Here's the full release on the fund.


Tags

We welcome readers to submit letters regarding articles and content in Detroit Metro Times. Letters should be a minimum of 150 words, refer to content that has appeared on Detroit Metro Times, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at letters@metrotimes.com.

Detroit Metro Times works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Detroit and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Detroit's true free press free.