Local Foundations Pledge $330 Million to Help Save Detroit Museum of Art

The Detroit Free Press reports that nine local foundations pledged $330 million to save the museum from having artworks sold and help municipal pensions that are in danger of being cut.

Among the foundations who helped were the New York-based Ford Foundation and the Kresge Foundation of Troy, as well as smaller locally based foundations like the McGregor Fund of Detroit.

Spokeswoman for Govenor Rick Snyder, Sara Wurfel, said: "Gov. Snyder is heartened to hear about this mediation process making progress," also saying that aid from the state "would be in partnership with the Legislature."

Senate Majority Leader Randy Richardville, R-Monroe, said, "I will certainly listen to what the request is. But if it's some sort of corporate-like bailout, I'm not excited about that. Maybe something more unique and creative that will show some benefits to the entire state. ... I would cheer that kind of effort."

Unfortunately, the $330 million still remains short of the ultimate goal of $500 million.

Read the full article here.