Foundation gives $40M to Detroit

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A foundation is giving $40 million to prevent the sale of art and help Detroit retirees, raising the pool of money to $370 million.

The announcement of the gift by the Battle Creek-based W.K. Kellogg Foundation was made Tuesday by a coalition of foundations.

The group wants to continue to attract financial support from foundations and individuals, while Michigan Gov. Rick Snyder separately tries to win approval for $350 million from the state.

City-owned art at the Detroit Institute of Arts could be vulnerable to sale in Detroit's bankruptcy.

At the same time, Detroit's pension funds are short by $3.5 billion.

Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of bankruptcy.

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