Foundation gives $40M to Detroit
A foundation is giving $40 million to prevent the sale of art and help Detroit retirees, raising the pool of money to $370 million.
The announcement of the gift by the Battle Creek-based W.K. Kellogg Foundation 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 separately 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.