Detroit Institute of Arts to raise $100 Million for city revitalization

As an anchor and investor in Detroit’s Midtown neighborhood, an educational resource for students and residents of Detroit, the tri-county area and all of Michigan and a provider of creative programs for numerous social service and community organizations in the City of Detroit and beyond, the Detroit Institute of Arts (DIA) is pleased to confirm its participation in the plan being facilitated by Judge Gerald Rosen, Chief Judge of the U.S. District Court for the Eastern District of Michigan, to help bring an end to the City’s bankruptcy, expand support for Detroit’s pensioners and protect the museum’s collection for the public in perpetuity.

Today, the DIA’s Board of Directors approved a commitment by the DIA to raise $100 million from corporate and individual donors toward these efforts. The DIA joins the foundation community ($370 million) and the State of Michigan ($350 million) in support of Chief Judge Rosen’s plan to benefit the people of Detroit and the State.

None of the funds raised by the DIA will directly benefit the DIA. The funds will be directed to a third party, which will disburse the funds for pension payments. As part of the agreement, the City of Detroit will transfer to the DIA free and clear legal title to the museum building, the art collection and all related assets. The DIA will continue to operate the museum with funds raised from its current donor base and from the tri-county millage. – See more at: http://www.dia.org/news/1560/Detroit-Institute-of-Arts-to-raise-$100-Million-toward-Detroit’s-Revitalization.aspx#sthash.7kxjgNx5.dpuf

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