DETROIT (WWJ/AP) - Toyota is the latest car company to make a large contribution toward Detroit Institute of Arts' goal to raise $100 million to prevent the sale of art in Detroit's bankruptcy and help city pensioners.
"Toyota is committing one million dollars to support the Grand Bargain to help the City of Detroit and keep the Detroit Institute of Arts alive and well," said Simon Nagata, president and chief executive officer of Toyota Motor Engineering and Manufacturing, North America, in a speech to the Management Briefing Seminars in Traverse City.
The museum has pledges so far of most of the $100 million. The museum, the state of Michigan and foundations together have agreed to give $816 million to the so-called grand bargain. Ford and General Motors have already contributed $10 million each. Chrysler has contributed $6 million.
Nagata told WWJ AutoBeat Reporter Jeff Gilbert that this is something he's been considering for some time.
"I had been wondering how Toyota could help the people in this community overcome a most difficult time."
Nagata, who works out Toyota's Technical Center near Ann Arbor, says the company plans to get more involved in efforts to help out in the Detroit area.
"We will be more involved in philanthropic activity in South East Michigan."
A trial to determine if Detroit gets out of bankruptcy is scheduled for Aug. 21.
TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
WWJ AutoBeat Reporter Jeff Gilbert contributed to this story.
for more features.