Kellogg Foundation gives $40M to save Detroit art, pensions
Michigan Gov. Rick Snyder pledged $350 million US from the state
The W.K. Kellogg Foundation is giving $40 million US to prevent the sale of Detroit art and help city retirees, raising the pool of money to $370 million US.
The group wants to continue to attract financial support from foundations and individuals while Michigan Gov. Rick Snyder tries to win approval for $350 million US from the state.
City-owned art at the Detroit Institute of Arts could be vulnerable to sale in Detroit's bankruptcy. At the same time, Detroit's pension funds are short by $3.5 billion US.
Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of bankruptcy.