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Money pledged to Detroit Institute of Arts funds, pensions could be lost

People enter and exit the Detroit Institute of Arts in Detroit, Michigan December 7, 2013. REUTERS/Joshua Lott
People enter and exit the Detroit Institute of Arts in Detroit, Michigan December 7, 2013. REUTERS/Joshua Lott

ANN ARBOR (WKZO) -- Time is becoming a factor as the City of Detroit and unions try to agree to terms in the bankruptcy settlement.

Detroit Emergency Manager Kevyn Orr told a gathering at the University of Michigan Tuesday that the city could lose millions of dollars. The money has been offered to support city pensions and the Detroit Institute of Arts.

A total of 365-million dollars has been pledged by ten foundations while the DIA has agreed to raise 100-million and the state is giving 350-million dollars. Orr said if an agreement is not reached soon, some of that funding will "go away."

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