Chrysler Group, Ford, and General Motors and General Motors
Foundation pledge
$26 million towards the Detroit Institute of Arts $100 million
commitment to the Grand Bargain
Money will help Detroit exit from bankruptcy, support pensioners
and secure future of the DIA
June 9, 2014 (Detroit)-The Detroit Institute of Arts (DIA)
announced today that Chrysler Group LLC, Ford Motor Company, and
General Motors and General Motors Foundation have pledged a total
of $26 million toward the DIA's commitment to raise $100 million as
part of a "grand bargain" that will help the City of Detroit emerge
from bankruptcy, support city pensioners and protect the museum's
art collection for the public.
"On behalf of our entire DIA board of directors, our Director
Graham Beal and all other members of our DIA family, we are
extremely pleased and appreciative of this remarkable financial
commitment by the leadership of our corporate community to support
the Grand Bargain," said Eugene A. Gargaro Jr., DIA board chairman.
"This exemplary leadership, along with that of other donors yet to
participate in this critically important initiative, will provide
the additional momentum and excitement necessary for the DIA to
satisfy its $100 million grand bargain pledge."
The $26 million consists of $10 million from Ford Motor Company
Fund, $5 million from General Motors, $5 million from General
Motors Foundation and $6 million from Chrysler Group LLC.
"While it is our duty to focus on the revival of this city, it
is equally crucial to cherish the treasures the city already offers
- not just for ourselves, but for the generations that will
follow," said Sergio Marchionne, chairman and CEO, Chrysler Group
LLC. "The Detroit Institute of Arts is a cultural treasure that
enriches the human spirit, while offering us a chance to
contemplate what humanity has achieved and what we aspire to create
in the future."
"Ford has long been committed to the DIA and the vital role it
plays in making our city and region unique," said Joe Hinrichs,
executive vice president and president, The Americas, Ford Motor
Company. "As Detroit rebuilds for the future, we are proud to
continue our support of the DIA and its part in the city's recovery
efforts."
"Preserving the integrity of Detroit and one of its most beloved
and historic pillars is of the utmost importance to GM and the GM
Foundation," said Mark Reuss, General Motors Executive Vice
President, Global Product Development, Purchasing and Supply Chain
and GM Foundation Vice Chairman. "We are longtime supporters of the
DIA and pledge our help to keep it an integral part of our
community."
"It is inspiring to see the notable organizations of Ford Motor
Company, General Motors, Chrysler Group, and the Detroit Institute
of Arts, rallying together to aid city pensioners and help Detroit
on its path to revitalization," said Governor Rick Snyder. "I want
to applaud all the organizations for their generous contributions
and I'm grateful that so many Michiganders and Michigan businesses
are uniting together towards our shared goal of a strong and
healthy Detroit."
The grand bargain will provide Detroit's pensioners more than
$800 million from local donors, local and national foundations and
the State of Michigan over a 20-year period, subject to present
value discounts for more rapid donor payments. The funds will be
directed to a supporting organization of the Community Foundation
for Southeast Michigan and then disbursed for city pension payments
over the next 20 years. As part of the grand bargain, the City of
Detroit will transfer ownership of the DIA's collection, building
and related assets to the private nonprofit corporation that
currently operates the museum, Detroit Institute of Arts, Inc."
The Grand Bargain was proposed by the mediators of city's
bankruptcy and led by Chief Judge Gerald Rosen of the U. S.
District Court for the Eastern District of Michigan, and attorney
Eugene Driker.
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