The project, depending on its final location in downtown Kokomo, may involve the renovation of three historic buildings and contribute to the reuse of a brownfield site. Among the potential benefits of the project are the one-time economic benefits associated with project development as well as the ongoing economic contributions of operations.
The Art Plaza and Sculpture Garden should also influence the behavior of tourists and visitors to Howard County by inducing them to stay longer and spend more in downtown Kokomo and Howard County. Improvements to the facility and the green space may also contribute to increased property values in the surrounding area.
In addition to these quantitative contributions, many studies suggest that arts and culture have the ability to transform communities and make them more likely to retain many of the region’s younger and better educated households and make the region more attractive to both businesses and households considering relocation. Finally, while the focus of the analysis is the contribution of the Art Plaza and Sculpture Garden to the community, the facility will benefit from and support a wide range of investments that have been made or are planned in downtown Kokomo. The Center for Urban Policy and the Environment’s (Center) analysis of the potential economic benefits of the Art Plaza and Sculpture Garden was funded by the Kokomo Urban Enterprise Association and Indiana University Kokomo.