Bill > A4892

This bill establishes an "Artist Bank" administered by the New Jersey State Council on the Arts to provide interest-free loans to "artist colonies in development," which are defined as groups of at least five artists looking to work and do business together in areas with a growing art scene. The Council will select eligible colonies based on criteria such as having at least five practicing artists with a portfolio, a proposed location, a supportive landlord, and municipal cooperation. Loan repayment won't begin until the artists show financial success or ten years pass, whichever comes first, and the funds can be used for start-up and ongoing operating expenses like acquiring space, supplies, utilities, and marketing. The Artist Bank will be a nonlapsing fund in the Department of State, financed by legislative appropriations, investment earnings, and private donations, and the Council will report annually on its progress and any economic benefits to the communities.