Jan 28 Foundations seeking to protect Detroit's
public pensions and its art museum in the city's bankruptcy
process raised their pledge total to $370 million on Tuesday
with the addition of a $40 million commitment from the W.K.
A group of U.S. philanthropic foundations announced earlier
this month that they were prepared to step in with funding
assistance to help preserve the Detroit Institute of Arts'
collection and assist in shoring up the cash-strapped city's
Michigan Governor Rick Snyder followed up that commitment
with a plan he unveiled last week to tap up to $350 million in
state funds over 20 years for Detroit retirees.
"The Kellogg Foundation's commitment strengthens this effort,
and we are hopeful the fund will continue to attract commitments
from individual donors and institutions," said a statement from
the foundation working group, which includes the Ford Foundation
and the Kresge Foundation.
Kevyn Orr, Detroit's state-appointed emergency manager who
took the city to U.S. Bankruptcy Court in July, has opened the
door to monetizing city-owned works at the institute, which have
been appraised at as much as $867 million. Orr has also eyed
severe cuts in the city workers' retirement benefits. Detroit's
two pension funds are the city's biggest unsecured creditors and
Orr has pegged the unfunded pension liability at $3.5 billion.