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Financial Initiatives to Support Arts and Culture <br />This section provides an overview of tax initiatives and financing strategies to support arts and culture <br />investments in the City of San Marcos. Respective to the terms of each funding mechanism, the following <br />options could be utilized to finance some of the recommendations from this plan, such as: <br /> The development or renovation of an existing building for a performing arts center or <br />mixed-use arts center; <br />A portion of operational costs for a city-supported nonprofit organization to manage arts <br />programs and related funding; and <br /> Expanded investments in public art, arts nonprofit grants and special arts project or public <br />festival grants. <br />Funding mechanisms that could support these recommendations are summarized below. <br /> Financing Districts. The designation of districts can be utilized to support the funding of <br />projects, programs and facilities through tax incentives at the state, regional or local level. <br /> Tax-increment financing (TIF) districts. Allows taxing entities to repay the cost of <br />improvements to a designated area with the future tax revenues generated by increasing <br />property values. <br /> Public improvement districts (PID).Also referred to as a Business Improvement District, <br />allows cities to levy and collect special assessments on properties within the city. PIDs may <br />be formed to fund art installations, landscaping and other aesthetic improvements. <br /> Municipal management districts. Created within an existing commercial area to finance <br />facilities, infrastructure and services beyond those already provided by the City or <br />property owners. <br /> State cultural district. Encourage arts economic development and community <br />revitalization in designated areas across a state. The Texas Commission on the Arts oversees <br />9 <br /> An example includes the <br />applications for the designation of new cultural districts in Texas. <br />10 <br />Dallas Arts District, established in 2009. <br /> Cultural tax district. Establishes local tax authorities to leverage investment in arts and <br />culture. These districts generate revenues through county or municipal taxes that allow <br />the authority to fund cultural organizations within the district, often through sales or <br />property tax. <br /> <br /> <br />9 <br /> https://www.arts.texas.gov/initiatives/cultural-districts/ <br />10 <br /> https://www.dallasartsdistrict.org/ <br />KEEN INDEPENDENT RESEARCH — SAN MARCOS ARTS MASTER PLAN 2022 APPENDIX B, PAGE 7 <br /> <br />