Detroit Art Museum Offers Plan to Pay $100 Million for its Freedom
THE NEW YORK TIMES
By Randy Kennedy
MICHIGAN---The Detroit Institute of Arts, whose world-class collection has been targeted as a potential source of cash to help dig Detroit out of federal bankruptcy, announced Wednesday that it would raise $100 million to help save itself, joining a group of private foundations that have already pledged $370 million toward the effort. As part of the deal, the city would relinquish ownership of the museum, and it would be owned by a nonprofit organization, as most large public museums across the country are. This would relieve the city of any future financial responsibility for the institute while also shielding the institute from future municipal threats. [link]
By Randy Kennedy
MICHIGAN---The Detroit Institute of Arts, whose world-class collection has been targeted as a potential source of cash to help dig Detroit out of federal bankruptcy, announced Wednesday that it would raise $100 million to help save itself, joining a group of private foundations that have already pledged $370 million toward the effort. As part of the deal, the city would relinquish ownership of the museum, and it would be owned by a nonprofit organization, as most large public museums across the country are. This would relieve the city of any future financial responsibility for the institute while also shielding the institute from future municipal threats. [link]