DIA Gets Another $26.8 Million for Grand Bargain: $10 Million Comes From Penske

July 16, 2014, 12:32 PM

Detroit Institute of Arts

Detroit's "grand bargain" seemed a little grander Wednesday.

The Detroit Institute of Arts announced that it received another $26.8 million in pledges from Michigan businesses, which means it now has 80 percent of the $100 million it committed to contribute to the grand bargain to help ease the pain of the city's pension cuts and protect the DIA art, Sherri Welch of Crain's Detroit Business reports.

The total commitments for different parties for the grand bargain is $816 million. 

The latest contributions included:

$10 million from Penske Corp.;
$5 million from Rock Ventures LLC/Quicken Loans Inc.;
$5 million from DTE Energy Foundation;
$2.5 million from Blue Cross Blue Shield of Michigan;
$1 million from Comerica Bank Michigan;
$1 million from JPMorgan Chase;
$1 million from Meijer Inc.;
$800,000 from Consumers Energy; and
$500,000 from Delta Airlines Foundation.

Crain's reported that the other previous donors included:

A. Paul and Carol C. Schaap Foundation, Detroit: $5 million
Max M. & Marjorie S. Fisher Foundation, Southfield: $2.5 million
Ford Motor Co. Fund, Dearborn: $10 million
General Motors Co./General Motors Foundation, Detroit: $10 million
Chrysler Group LLC: $6 million
Andrew W. Mellon Foundation, New York City: $10 million, including $5 million match contingent on the DIA's raising its full commitment
J. Paul Getty Trust, Los Angeles: $3 million.


Read more:  Crain's Detroit Business

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