Solution for Education: Increase the number of art and cultural productions in NYC by providing short term loans for shows and exhibitions.Submitted by kallos on Sun, 02/05/2012 - 1:01pm
The combined economic impact of just two 2007 exhibits at the Metropolitan Museum of Art resulted in $377 million in spending by regional, national and foreign tourists, with a direct tax benefit to the City and State from out-of-town visitors totaling $37.7 million. In testimony before the New York State Assembly's Committee on Tourism, Arts, and Sports Development, the Alliance of Resident Theatres/New York (A.R.T./N.Y.) suggested that additional revenues like these could be generated by local cultural institutions if the New York City Economic Development Corp (NYCEDC) created a $20 million fund for cultural institutions that are awaiting funding from the New York State Council on the Arts (NYSCA) to provide short term loans for start up costs associated with shows and exhibitions. Since the short term loans would only go to cultural institutions already designated for NYSCA funding they could be guaranteed by the NYSCA loans and would get reissued to multiple cultural institutions each year. Through smart investments and loan programs like these we can foster the arts and culture and also generate tax revenue from the creative sector.