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home : most recent : arts July 23, 2018

3/21/2018 12:51:00 PM
TIF funds could soon pay for public arts in Fort Wayne

Dave Gong, Journal Gazette

The Fort Wayne City Council advanced a Public Art Commission and fund Tuesday that some new businesses will be required to contribute to.

Under the program, approved in a preliminary 6-3 vote, developers who receive a tax increment financing incentive for a project must contribute, from their own pocket, 1 percent of the total incentive amount. For example, a developer with a $1 million project would be required to contribute $10,000 to the Public Art Fund.

A final vote is expected Tuesday. Preliminary votes rarely change on final reading.

Money generated by projects in a tax increment financing (TIF) district can be captured for use on other improvements within that district. The council can establish new TIF districts or close existing districts.

Businesses that contribute have the option to spend 50 percent of that contribution on public art located on their own properties. The other half would go into the Public Art Fund for use elsewhere in the city. Mandatory contributions are capped at $100,000.

Related Links:
• The Journal Gazette full text

Related Stories:
• Fort Wayne City to debate how to pay for public art
• Fort Wayne mayor calls for public art program with funding mechanism
• $150,000 winning sculpture for initial Shelbyville public art project is by former resident

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