Automakers Give $26-Million for Plan to Retain Detroit Art

Detroit’s big three car companies have donated a combined $26-million toward the Detroit Institute of Arts’ $100-million pledge to the “grand bargain” proposal to shield the museum’s collection from sale as part of the city’s bankruptcy case, the Detroit Free Press reports.

The institute said Monday that with the gifts from Ford, General Motors, and Chrysler, it has now raised 70 percent of its commitment to the partly foundation-financed $816-million plan to ease pension cuts for retired municipal employees while protecting city-owned artworks from being sold to satisfy creditors. The museum did not give any details on other contributions.

Ford and General Motors each gave $10-million in conjunction with their charitable arms, while Chrysler donated $6-million, according to The Detroit News, which says the automakers’ contributions are expected to prompt a raft of multimillion-dollar gifts from other local corporate players.

Former city workers are slated to vote July 11 on the plan, which would cut pensions for most ex-employees by 4.5 percent. Supporters of the deal say it will head off much steeper reductions in retiree benefits.