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Chrysler Group, Ford, and General Motors and General Motors Foundation pledge $26 million towards the Detroit Institute of Arts $100 million commitment to the Grand Bargain
Monday, June 09, 2014
Money will help Detroit exit from bankruptcy, support pensioners and secure future of the DIA
(Detroit)—The Detroit Institute of Arts (DIA) announced today that Chrysler Group LLC, Ford Motor Company, and General Motors and General Motors Foundation have pledged a total of $26 million toward the DIA’s commitment to raise $100 million as part of a “grand bargain” that will help the City of Detroit emerge from bankruptcy, support city pensioners and protect the museum’s art collection for the public.
"On behalf of our entire DIA board of directors, our Director Graham Beal and all other members of our DIA family, we are extremely pleased and appreciative of this remarkable financial commitment by the leadership of our corporate community to support the Grand Bargain,” said Eugene A. Gargaro Jr., DIA board chairman. “This exemplary leadership, along with that of other donors yet to participate in this critically important initiative, will provide the additional momentum and excitement necessary for the DIA to satisfy its $100 million grand bargain pledge."
The $26 million consists of $10 million from Ford Motor Company Fund, $5 million from General Motors, $5 million from General Motors Foundation and $6 million from Chrysler Group LLC.
“While it is our duty to focus on the revival of this city, it is equally crucial to cherish the treasures the city already offers – not just for ourselves, but for the generations that will follow,” said Sergio Marchionne, chairman and CEO, Chrysler Group LLC. “The Detroit Institute of Arts is a cultural treasure that enriches the human spirit, while offering us a chance to contemplate what humanity has achieved and what we aspire to create in the future.”
“Ford has long been committed to the DIA and the vital role it plays in making our city and region unique,” said Joe Hinrichs, executive vice president and president, The Americas, Ford Motor Company. “As Detroit rebuilds for the future, we are proud to continue our support of the DIA and its part in the city’s recovery efforts.”
“Preserving the integrity of Detroit and one of its most beloved and historic pillars is of the utmost importance to GM and the GM Foundation,” said Mark Reuss, General Motors Executive Vice President, Global Product Development, Purchasing and Supply Chain and GM Foundation Vice Chairman. “We are longtime supporters of the DIA and pledge our help to keep it an integral part of our community.”
“It is inspiring to see the notable organizations of Ford Motor Company, General Motors, Chrysler Group, and the Detroit Institute of Arts, rallying together to aid city pensioners and help Detroit on its path to revitalization,” said Governor Rick Snyder. “I want to applaud all the organizations for their generous contributions and I’m grateful that so many Michiganders and Michigan businesses are uniting together towards our shared goal of a strong and healthy Detroit.”
The grand bargain will provide Detroit’s pensioners more than $800 million from local donors, local and national foundations and the State of Michigan over a 20-year period, subject to present value discounts for more rapid donor payments. The funds will be directed to a supporting organization of the Community Foundation for Southeast Michigan and then disbursed for city pension payments over the next 20 years. As part of the grand bargain, the City of Detroit will transfer ownership of the DIA’s collection, building and related assets to the private nonprofit corporation that currently operates the museum, Detroit Institute of Arts, Inc.”
The Grand Bargain was proposed by the mediators of city’s bankruptcy and led by Chief Judge Gerald Rosen of the U. S. District Court for the Eastern District of Michigan, and attorney Eugene Driker.
Contacts: DIA Pamela Marcil 313-833-7899 firstname.lastname@example.org
Chrysler Group Kevin E. Frazier 248-821-8507 email@example.com
Ford Todd Nissen 313-322-4898 firstname.lastname@example.org
General Motors/ Heather Rosenker 703-517-1661 email@example.com
General Motors Foundation