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Thu July 17, 2014
DIA nearing 'grand bargain' goal
DETROIT, MI (AP)-- The Detroit Institute of Arts says it is just 20 percent shy of its goal to raise $100 million to prevent the sale of art in Detroit's bankruptcy and help city pensioners.
The museum made the announcement Wednesday while disclosing nearly $27 million in new donations from a group of companies and foundations, including $10 million from Roger Penske and Penske Corp.
It says it has total pledges so far of about $80 million. The state of Michigan, the museum and foundations have together agreed to give $816 million to the so-called grand bargain.
It's all part of Detroit's bankruptcy restructuring plan. The money will be available only if retirees and city workers vote in favor of pension cuts. The results will be announced Monday.