Detroit Institute of Arts Raises Goal for Grand Bargain
- January 05, 2015 22:58
In less than a year, the Detroit Institute of Arts has fulfilled its promise to deliver $100 million to the city's $816-million grand bargain debt restructuring plan.
Museum board chair Gene Gargaro said Monday that he reported to Michigan Gov. Rick Snyder at the end of December that the museum had reached the present-value equivalent of its pledge to raise $100 million over 20 years, reports USA Today.
"Although the museum is still awaiting signed agreements from several donors, the DIA has secured payment schedules that will allow the museum to exceed its annual commitment of $5 million in the first five years, earning the museum a 6.75 percent present value benefit on those advance payments," stated a museum press release.
