Bradley Signs Measure Creating Arts Endowment
Mayor Tom Bradley has signed an unprecedented law that requires developers to subsidize cultural projects and “give something back to the city” in exchange for permission to build massive developments.
The law creates a permanent endowment for the arts that will collect between $15 million and $18 million annually from developers to finance public art works throughout Los Angeles.
Developers of new commercial projects valued at more than $500,000 will be assessed an “art development fee” at 1% of their construction costs. The fee will be used to create murals, sculptures, theater productions, parades, concerts and other artistic and cultural services.
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