Leveraging Cultural Assets for Economic Development - Cape Cod ...

makes thousands of grants directly to nonprofit cultural organizations, schools, communities,and individuals artists, through that use arts, science, and the humanities to buildstrong, diverse, livable communities. The beneficiaries of these programs comprise across-section of the population and citizens in each Massachusetts city and town.The MCC’s Adams Arts Program fosters and promotes the use of cultural assets asan economic development tool. The goal of the program is to maximize the economicimpact of the cultural sector in Massachusetts by funding initiatives that connect artistsand cultural organizations to local and state economic development efforts, nurturenew arts and cultural enterprise development, raise awareness of the Commonwealth’scultural products, and increase arts and cultural visitors to the state.The two grant categories are Planning Grants (up to $5,000) and Implementation Grants(up to $75,000 a year). In both categories, the MCC is interested in cultural economicdevelopment projects that require seed funding to:n produce new revenue;n create or enhance jobs;n revitalize communities; andn stimulate increased participation and engagement in culturalactivities by residents and visitors.Not-for-profit or public sector entities may apply. One of the partners must be a culturalorganization incorporated in Massachusetts. Partners may include private, for-profitbusinesses and organizations, and state and federal agencies.Massachusetts Office of Business Development (MOBD)MOBD together with MassEcon, MassDevelopment, and the Massachusetts InternationalTrade Council, is committed to promoting Massachusetts as a globally competitive,innovative, dynamic, and diverse state. Their “It’s All Here” campaign is a criticalpiece of establishing the identity of Massachusetts, supporting common goals andmaximizing awareness of the state’s global strengths—including its creative economy.MOBD is also an excellent resource for information on tax increment and districtimprovement financing.MassDevelopmentMassDevelopment is the state’s finance and development authority, and works withbusinesses and local officials to provide the financial tools and real estate expertiseneeded to stimulate economic growth across the state of Massachusetts. Together withthe MCC, MassDevelopment administers the Massachusetts Cultural Facilities Fund(CFF).In two years, the state invested more than $24 million through CFF into 120 culturalorganizations, schools, and communities to build, repair, and expand their facilities.42Leveraging Cultural Assets A Practical Guide for Municipal Investment in Arts & Culture on Cape Cod