pages: PublicArtCommission/2018-04-04.pdf, 2
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PublicArtCommission | 2018-04-04 | 2 | tonight's discussion. The monies could be invested. Could there be an endowment so that these funds are generating funds, so that we are not thinking of these funds as a onetime thing and they can be generating funds year after year. Pat Colburn: Are there any additional funds forecasted for the art fund? (Ms. Butler clarified that questions are not answered at this time. The Commissioners can choose to answer questions as part of the discussion.) She liked the idea of having a personal interview when you make a decision on the finalist and having a one-to-one with the people applying. Cheryl Aaron: Appreciated staff coming back so soon and what is the schedule going forward. She said she love the suggested review of the process. She is with Island Alliance of the Arts and personally believes if they had had the opportunity to address some of the questions, it would have been helpful. But it's a new process. Public Comments closed Discussion: Acting Chairperson Sherman: What is the possibility of an endowment? Ms. Butler: We need to research this. Monies go into interest bearing accounts. A Commissioner stated that he has done research on this and a City can form a nonprofit and administer an endowment. Additional Public Speaker: Wes Warren: He like the review process option. Commissioner Farrell: Lois, when you say the money is in an account is it a money market, how is it invested? Ms. Butler: She would need to research this and follow-up. The interest from money invested is credited to the account. Acting Chairperson Lewis do we know how much interest was generated? Ms. Butler: She would need to research. Commissioner Gillitt: Do we have a forecast of any developers that plan to donate in lieu of onsite art? Ms. Butler: She does not know of any developers. Commissioners discussed proposal amounts. Ms. Butler indicated that this is the meeting to determine what should happen to with the funds that were not disbursed. Draft Meeting Minutes 2 of 4 Public Art Commission April 4, 2018 | PublicArtCommission/2018-04-04.pdf |