Michael T. Ritchie, president of Comerica Bank-Michigan, announces Comerica Bank’s $1 million commitment to a “grand bargain” to help protect the Detroit Institute of Arts collection and provide a secure future for Detroit’s pensioners.
The Detroit Institute of Arts recently announced more than $26 million in pledges from Michigan businesses for a “grand bargain” that will help the city emerge from bankruptcy, support city pensioners and protect the Detroit Institute of Arts (DIA) art collection from being sold. Comerica Bank’s Michigan Market President Michael T. Ritchie announced the bank’s $1 million commitment during an announcement event at the DIA.
Other Michigan companies that pledged funds include the Penske Corporation, Quicken Loans and the Rock Ventures Family of Companies, DTE Energy, Blue Cross Blue Shield of Michigan, Meijer, JPMorgan Chase Foundation, Consumers Energy and Delta Air Lines.
“As a bank whose roots in Detroit date back to 1849, Comerica is proud to join these leading businesses in taking this historic step to help our city and one of its most iconic cultural institutions,” said Ritchie. “This truly is a historic time for Detroit, with the public, private and nonprofit sectors working together to help our city, one of its cultural jewels and its employees. It’s exciting to see the energy, enthusiasm and support shown by so many during what has been a very difficult time for our city. Through the collective efforts of local businesses, we raise the hopes and dreams of all Detroiters for years to come.”
The more than $26 million in pledges announced put the DIA near the $80 million mark of the $100 million it has committed to raising as part of the “grand bargain.”
“We are extremely pleased to see this very generous corporate support for the ‘grand bargain’ and City of Detroit pensioners from these major Michigan businesses,” said Eugene A. Gargaro Jr., DIA board chairman. “They all have a long history of civic and community support and these leadership pledges demonstrate their strong commitment to Detroit’s future. We thank them for helping the DIA to fulfill its $100 million ‘grand bargain’ commitment and know that other donors will join in this great success story for our city and state.”
According to the DIA, the “grand bargain” will provide Detroit’s pensioners more than $800 million from local donors, local and national foundations and the State of Michigan over a 20-year period, subject to present value discounts for more rapid donor payments. The funds will be directed to a supporting organization of the Community Foundation for Southeast Michigan, then disbursed for city pension payments over the next 20 years. As part of the “grand bargain,” the City of Detroit will transfer ownership of the DIA’s collection, building and related assets to the private nonprofit corporation that currently operates the museum, Detroit Institute of Arts, Inc.
The DIA was founded in 1885 and today boasts one of the top six art collections in the United States. An important cultural institution, the DIA makes available a history of art that spans miles and decades while offering visitors an escape from daily life.
With its commitment to the Detroit community, Comerica is proud to support this important educational tool that enables metro Detroiters to learn world history through art.
Pablo Picasso, whose work is featured in the museum, once described the underlying power art has on people’s morale.
“The purpose of art is washing the dust of daily life off our souls,” he said.
Picasso’s words strike a chord with those working to revitalize this great city.
The recent rally of support from the Detroit business community for the “grand bargain” that will help the city emerge from bankruptcy, protect against the sale of the Detroit Institute of Arts’ (DIA) art collection and provide a secure future for the men and women who’ve dedicated their lives to serving Detroit and its residents, reflects the increasing optimism for the city’s future.
“Having grown up in Detroit, and working in this city, the ‘grand bargain’ announcement is special to me both personally and professionally,” said Ritchie. “As the son of a former Detroit police officer, I can’t think of a better way to say thanks to those who put their lives at risk serving our city and those who dedicated their lives in service to our city.”
The “grand bargain” is an amazing example of Detroiters’ resolve and the solidarity of the business community. It’s another milestone that demonstrates what Detroiters already know, that our city is one to be proud of.
“Detroit is where it all started for Comerica, with our founding here 164 years ago,” said Ritchie. “We’ve enjoyed being partners in building a stronger Detroit and look forward to seeing the rewards of those efforts.”