Detroit Council Again OKs Charitable Trust For City-Owned Art
Detroit City Council has reaffirmed its approval to move artwork threatened by the city's bankruptcy into a charitable trust.
The council took a second vote Monday after federal mediators said there were defects in a June 5 resolution. Council Member George Cushingberry Jr. says the council voted Monday to approve the transfer, rather than simply to endorse it.
The vote follows the Michigan Legislature's allocation of $195 million as part of an $816 million "grand bargain" to shore up Detroit's municipal retirement systems and guard the Detroit Institute of Arts from a forced sell-off during the bankruptcy proceedings.
About 2,800 city-owned artworks have been valued at $454 million to $867 million. The bargain is central to emergency manager Kevyn Orr's plan to erase $18 billion in municipal debt.