Bill Text: NJ A4892 | 2014-2015 | Regular Session | Introduced
Bill Title: Establishes artist bank to provide interest-free loans to artist colonies in development.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2015-12-10 - Introduced, Referred to Assembly Tourism, Gaming and the Arts Committee [A4892 Detail]
Download: New_Jersey-2014-A4892-Introduced.html
Sponsored by:
Assemblyman REED GUSCIORA
District 15 (Hunterdon and Mercer)
Assemblyman RALPH R. CAPUTO
District 28 (Essex)
Assemblywoman ELIZABETH MAHER MUOIO
District 15 (Hunterdon and Mercer)
Assemblywoman VALERIE VAINIERI HUTTLE
District 37 (Bergen)
Co-Sponsored by:
Assemblyman Eustace and Assemblywoman Jasey
SYNOPSIS
Establishes artist bank to provide interest-free loans to artist colonies in development.
CURRENT VERSION OF TEXT
As introduced.
An Act establishing an artist bank to provide interest-free loans to artist colonies in development and supplementing P.L.1985, c.410 (C.52:16A-26.1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. In addition to the powers and responsibilities provided under any other law, the New Jersey State Council on the Arts shall have the following powers and responsibilities:
a. To establish and administer an Artist Bank as a program to provide loans free of interest to artist colonies in development in municipalities, communities, or other areas of the State with an emerging art presence;
b. To select artist colonies in development, for the award of interest free loans from the Artist Bank from communities meeting the following non-exclusive criteria:
(1) at least five practicing artists with a demonstrable body or work or portfolio, as determined by the council;
(2) a proposed location for the artist colony;
(3) a landlord or landowner who is cooperative and supportive of the goals of the artist colony, as determined by the council; and
(4) cooperation and application for the designation of artist colony from the municipality in which the artist colony is proposed;
c. To develop standards by which to determine when repayment of a loan provided from the Artist Bank should commence, and a method of repayment. However, repayment of the principal shall not begin until the artists have started demonstrating the financial success of their craft or until ten years have passed since the initial disbursement of the loan, whichever occurs first;
d. To solicit and raise private funds to finance the Artist Bank; and
e. To report on an annual basis to the Governor, and to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), as to the work and progress of the program, including, but not limited to, the collection of funds, disbursement of loans, and repayment of loans, as well any economic benefit derived by a municipality, community, or other area as a result of the establishment of an artist colony therein.
2. a. The use of a loan provided pursuant to this act, P.L. , c. (C. ) (pending before the Legislature as this bill) shall be limited in use to start-up expenses of the artist colony in development, including, but not limited to: acquiring a location and necessary supplies for creating art; and ongoing operating expenses of the colony, including but not limited to: utilities, maintaining supplies and inventory, and marketing.
b. (3) There is established in the Department of State a nonlapsing fund that shall be known as the Artist Bank. The Artist Bank shall be administered by the council pursuant to section 1 of P.L. , c. (C. ) (pending before the Legislature as this bill).
(2) The Artist Bank shall consist of: all moneys appropriated by the Legislature for inclusion in the fund; investment earnings of the fund; and moneys contributed to the fund by private sources, to be used for the purposes of P.L. , c. (C. ) (pending before the Legislature as this bill).
(3) The moneys in the fund shall be invested and reinvested by the Director of the Division of Investment in the Department of the Treasury.
c. As used in this act:
"Council" means the New Jersey State Council on the Arts in the Department of State; and
"Artist colony in development" means a group of at least five artists desiring to work and conduct business in a shared space in a municipality, community or other area where there is an emerging art presence.
d. The Department of State shall adopt rules and regulations, pursuant to the "Administrative Procedure Act," P.L. 1968, c.410 (C.52:14B-1 et seq.), as may be necessary to effectuate the purposes of this act.
3. This act shall take effect immediately.
STATEMENT
This bill would establish the Artist Bank as a program to provide interest free loans to artist colonies in development in municipalities, communities or other areas with an emerging art presence.
The program would be administered by the New Jersey State Council on the Arts and would be funded by appropriations to the fund by the Legislature, as well as private donations.
To qualify for a loan under this bill, the artist colony in development would be required to: (1) include at least five practicing artists with a demonstrable body of work or portfolio, as determined by the council; (2) designate a proposed location for the artist colony; (3) demonstrate that the proposed landlord or landowner is cooperative and supportive of the goals of the artist colony, as determined by the council; and (4) demonstrate the cooperation and application for the designation of artist colony from the municipality in which the artist colony is proposed.
The use of a loan provided from the Artist Bank would be limited in use to start-up expenses of the artist colony in development, including, but not limited to: acquiring a location and necessary supplies for creating art; and ongoing operating expenses of the colony, including but not limited to: utilities, maintaining supplies and inventory, and marketing.
Repayment of the loan would not begin until the artists have started demonstrating the financial success of their craft or until ten years have passed since the initial disbursement of the loan, whichever occurs first.
