Mich. Governor Mulls Matching Foundations’ Detroit Fund

Michigan Gov. Rick Snyder is in early talks with legislators on a proposal to use $350-million in state money to protect the Detroit Institute of Arts prized collection and help fund city pensions, roughly matching a group of private foundations’ commitment, according to the Detroit Free Press.

Lawmakers briefed on the plan said it would use money not directly tied to annual appropriations, such as the state’s share of a national settlement by tobacco companies, over a 20-year period. The Ford, Kresge, and other foundations have pledged at least $330-million to avert a potential sale of city-owned artworks to satisfy Detroit’s debts, including a multibillion-dollar pension liability.

Sara Wurfel, a spokeswoman for Mr. Synder, would not discuss details of his talks with legislators but said the governor “takes the foundation commitment seriously.” With bankruptcy court deadlines looming, officials might have only a few weeks to consider funding a Detroit rescue plan, a move fraught with political weight as the governor and lawmakers face re-election this year, according to The New York Times.

Read a Chronicle of Philanthropy article on the foundations’ Detroit art and pension fund and an opinion piece by the leaders of four foundations that are pledging $330-million to help protect the art collection and pensions of retired city workers.