Is This the Final Piece of the Detroit Puzzle?

 

In what may be the keystone to the entire Detroit Institute of Arts bailout, the museum itself announced its own contribution to the fund-raising plan which would transfer ownership of the museum out of the City’s hands:

DIA leaders said today that its board of directors approved a $100 million fund-raising campaign over 20 years and would look to corporate and individual donors for the money. As part of the deal, the City of Detroit would transfer legal title to the museum building, the art collection and related assets, ending nearly a century of city control and shielding the museum forever from whims of city finances and politics.

The DIA’s $100 million commitment marks a potential turning point in Detroit’s historic Chapter 9 bankruptcy, helping clear a path to a less painful and faster resolution to the bankruptcy.

DIA pledges to raise $100 million for art, Detroit pension rescue fund (Detroit Free Press)