DETROIT (AP) — The W.K. Kellogg Foundation is giving $40
million to prevent the sale of Detroit art and help city retirees,
raising the pool of money to $370 million.
The announcement was
made Tuesday by a coalition of foundations. 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 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.
Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of
bankruptcy.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
DETROIT (AP) — The W.K. Kellogg Foundation is giving $40
million to prevent the sale of Detroit art and help city retirees,
raising the pool of money to $370 million.
The announcement was
made Tuesday by a coalition of foundations. 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 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.
Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of
bankruptcy.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.