Mich. Senate OKs Detroit Aid; Skillman Boosts Foundation Pot

Michigan senators approved a plan Tuesday to contribute $195-million in state money to a foundation-funded “grand bargain” to help resolve Detroit’s bankruptcy case, sending the measure to Gov. Rick Snyder’s desk, Bloomberg reports.

Also on Tuesday, federal mediators in the case announced that the Detroit-based Skillman Foundation is giving $3.5-million to the fund, the Detroit Free Press writes. The Skillman pledge brings to about $370-million the total committed by private philanthropies to help the city ease its multibillion-dollar pension debt while averting a sale of Detroit Institute of Arts works to satisfy creditors.

Governor Rick Snyder is expected to sign the Detroit aid package, which his administration engineered and which Michigan’s House overwhelmingly approved last month. Lawmakers amended Mr. Snyder’s original proposal for a 20-year, $350-million commitment to the city into a $195-million lump sum from a state surplus fund.