$330 Million Was Just Pledged To Bail Out Detroit and Save DIA Collection
In case you didn’t hear, a bunch of national mega-foundations offered to pledge $330 million to help bail out Detroit’s retiree pensions and save our city’s art collection.
Two foundations, the Ford Foundation and Knight Foundation, are overseeing the rescue fund, which could make a substantial financial impact on Detroit’s turnaround.
(Still unknown is how much, exactly, we’re in for. Pension leaders have put the number at around $700 million, while emergency manager Kevyn Orr says it’s actually more like $3.5 billion.)