Detroit 'Grand Bargain' Vote Key To Bankruptcy End - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Detroit 'Grand Bargain' Vote Key To Bankruptcy End

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DETROIT (AP) - An effort by deep-pocketed philanthropists to save the bankrupt city of Detroit's art treasures nears a culmination Friday when Michigan Gov. Rick Snyder authorizes $195 million in state help.

The bill signing in Detroit is part of what's dubbed the Grand Bargain. The deal also includes $366 million from foundations and a $100 million fundraising pledge by the Detroit Institute of Arts.

Over the two-decade plan, the contributions are valued at $816 million and will help limit cuts to city retiree pensions if the restructuring plan is approved. Retirees have until July 11 to vote on the proposal, which includes the foundation funding promises.

Kresge Foundation President Rip Rapson says the overall well-being of the city could not be dismissed. The Kellogg Foundation and the Ford Foundation are also involved.

Stay with 6 News on-air, at www.wlns.com, on Facebook.com/WLNS-TV or follow @WLNS on Twitter for 6 News the latest on Detroit's Grand Bargain.

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