Cultural Economy Initiative Sustaining the people who create and preserve artistic and cultural products and assets Enhancing capacity for production Developing new markets for their creations

Program Purpose For local governments to revitalize communities by creating locally driven hubs of cultural activity Benefits Increased cultural activity, occupancy, commerce, jobs, and sense of community identity

Program Incentives 1.Historic Preservation – expands eligibility of state historic tax credits for rehabilitation of commercial and residential structures to cultural districts 2.Visual Arts and Crafts – state and local sales tax shall not apply to original, one-of-a-kind works of art

Tax Credit Programs* 1.State Residential Tax Credit 2.State Commercial Tax Credit 3.If applicable, Federal Historic Rehabilitation Tax Credit for Commercial Buildings Check for details *Separate applications by property owner required Historic Preservation

 Original  One-of-a-kind  Visual Art or Fine Crafts  Conceived and made by hand of artist or under his direction  Not intended for mass production Original art must meet all 5 of the following points:

2013 Annual Report Results Rehabilitation Historic Buildings– 891 commercial, 319 residential applications. Sales Tax Exemptions– 761 businesses, 240 organizations, and 5,327 artists benefitted, representing over $14 million of original art sales Hubs of Cultural Activity– 2,818 cultural events, 3.9 million people Vacant Buildings– Vacancy rate decreased by 2% - 15% New Businesses– 362 net growth in cultural businesses Program Recognition as Model– Mayors' Institute on City Design's (MICD), Creative Placemaking

Gaye Hamilton, Cultural District Program Manager at Phone: or For Tax Credits: Andrea McCarthy, Tax Credit Program at Phone: or