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The first thing I would recommend is to explore the existing arts festivals and art education funding available in your community. Reach out to the people and organizations to learn about what they do and to get the lay of the land, so-to-speak. Then, you will be in a position to begin evaluating IF there is an interest/need for a new arts festival and arts education in your area. I would encourage you to take a deep dive into the local and regional arts community before initiating anything new.
You should pursue a corporate sponsor in your area, specifically some one associated with the school system. Review a list of donors already contributing to the local art museum and other cultural events. This task won't be easy because the arts and culture in general seems to be fading!