More Kick-In to Save Detroit
The Kellogg Foundation is pledging $40 million to help the city of Detroit and vow to continue raising donations to help save the city's pension system and art collection.
The announcement on Tuesday involved a coalition of foundations that organizers say will keep raising money for the cause and have issued a call to action for others wanting to protect assests and fulfill promises to the city's retirees.
They're looking to have their donation added to money already pledged by other groups to make try to save the Detroit Institute of Arts from the auction block. They want as well to build up the city's pension fund that is billions in the red.
The artwork has been raised as a valuable asset that could be utilized in Detroit's bankrupcy process. Millions of dollars in pensions are also likely to take a hit.
Governor Snyder has proposed giving the city 350 million from tobacco settlement money over a period of years to help soften the blow, but the idea is being met by resistance from some lawmakers.