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Detroit Institute of Art reaches $100M goal to raise money for city's bankruptcy plan

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DETROIT — The Detroit Institute of Art has reached its goal of raising $100 million over 20 years to help fund the city's bankruptcy restructuring plan.

The Detroit Free Press (http://on.freep.com/1xMN4kN ) reports the current total pledges from the museum amount to about $90 million. DIA board chair Gene Gargaro says accelerated payment schedules of donors helped account for the remaining $10 million by the end of December. But the museum declined to comment on the exact amount that's been raised.

A press release says the DIA will be able to surpass its $5 million annual commitment throughout the first five years.

The efforts were part of a debt restructuring plan calling for the contribution of more than $800 million from the state, corporations, foundations and others to soften cuts to city pensions while placing the art into a trust.

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