Toyota Pledges $1M to the Detroit Institute of Arts

490

DETROIT — Toyota Motor North America has pledged $1 million toward the Detroit Institute of Art’s commitment to raise $100 million as part of a “grand bargain” that will help the Detroit emerge from bankruptcy, support city pensioners, and protect the museum’s art collection for the public.

“Detroit and the surrounding areas are vitally important to the automotive community. They deserve our support,” says Simon Nagata, president of Toyota Motor Engineering and Manufacturing. “Together we can find solutions to help Detroit become the healthy and vibrant community that reflects the spirit of its people. Our pledge is a way to demonstrate our gratitude to the people who have built this industry and support us every day.”

The grand bargain will provide Detroit’s pensioners more than $800 million from the DIA, local, and national foundations and the state of Michigan over a 20-year period.The funds will be directed to a supporting organization of the Community Foundation for Southeast Michigan and then disbursed for city pension payments over the next 20 years. As part of the grand bargain, Detroit will transfer ownership of the DIA’s collection, building, and related assets to the private nonprofit corporation that currently operates the museum.

Facebook Comments