DETROIT ? Toyota Motor North America has joined a long-list of major corporations and foundations to support the so-called ?Grand Bargain? by pledging $1 million towards the Detroit Institute of Arts commitment to raise $100 million to protect the museum?s art collection, while supporting the city?s pensioners.
?Detroit and the surrounding areas are vitally important to the automotive community,? said Simon Nagata, president of Toyota Motor Engineering and Manufacturing. ?Together we can find solutions to help Detroit become the healthy and vibrant community that reflects the spirit of its people. This commitment is a way to demonstrate our gratitude to the people who have built this industry and support us every day.?
The grand bargain will provide Detroit?s pensioners more than $800 million from the DIA, corporate and foundation contributors, as well as the state of Michigan, over 20 years. The funds will be directed to supporting organizations of the Community Foundation for Southeast Michigan and then disbursed for city pension payments. As part of this 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.
?Toyota has demonstrated its commitment to Detroit and Michigan by doing its part to secure the DIA?s future while helping Detroit?s retirees,? said Eugene Gargaro Jr., DIA board chairman. ?We are extremely grateful for Toyota?s generous support and know that it will motivate other donors and help pave the way for a bright future, both for the city of Detroit and the DIA.?
