An artist based non-profit in Toronto, Them.ca, has proposed a new funding source for public art. They have done the research and art lobbying. Maybe they will be successful. Who knows.
From the Press Release
Them.ca proposes a charge of $6.00 per sq. foot of billboard space per year. Those funds will then be redirected towards public art. Thus, five 15’x25′ billboards could subsidize one small art piece for the cost of $10 000.00 (allowing $1250.00 for administrative and maintenance expenses incurred by city and granting bodies). On a larger scale, the estimated 5000 billboards in Toronto could generate six million dollars for public art per year.