$330 Million Was Just Pledged To Bail Out Detroit and Save DIA Collection

By Alaina Nutile

Jan 14, 2014 at 9:20 am

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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.)

Here's the full release on the fund.

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Metro Detroit News

About The Author

Alaina Nutile

Alaina Nutile is a Web Editor who oversees all digital content and social media initiatives for Detroit Metro Times and Cleveland Scene Magazine. Previously, she interned at Business Insider in New York City, and at La Hora in Quito, Ecuador. Alaina is a graduate of Kalamazoo College where she double majored in...