Toyota Pledges $1 Million to Detroit Institute of Arts, Grand Bargain

Toyota Pledges $1 Million to Detroit Institute of Arts, Grand Bargain

The has announced a $1 million pledge from Toyota Motor North America toward DIA’s commitment to raise $100 million as part of a "grand bargain" designed to help Detroit emerge from bankruptcy, support the pensions of retired city employees, and protect the museum’s collection from being broken up and sold.

The deal will provide Detroit with more than $800 million from  local and national foundations, the state of Michigan, and DIA itself over a twenty-year period. In turn, the funds will be directed to a supporting organization of the and disbursed to help the city meet its pension obligations over that period. As part of the deal, Detroit will transfer ownership of DIA's collection, building, and related assets to a nonprofit corporation that currently operates the museum.

"Toyota has demonstrated its commitment to Detroit and Michigan by doing its part to secure…DIA's future while helping Detroit's retirees," said DIA board chair Eugene A. Gargaro, Jr. "We are extremely grateful for Toyota's generous support and know that it will motivate other donors and help pave the way for a bright future, both for the City of Detroit and the [institute]."

"." Detroit Institute of Arts Press Release 08/06/2014.