Vancouver, already known for a public art program that has spawned works such as Bill Reid’s Killer Whale, Yue Minjun’s A-maze-ing Laughter (the laughing men), Liz Magor’s Lightshed, and a legion of other lesser-known pieces, is about to unleash new opportunities for artists.

In a significant redrawing of a nearly three-decades-old public art policy, the city wants to change how public art is funded. In doing so, it plans to make it easier for developers to collaborate on large installations while the city also collects more money for a “signature projects fund reserve” designed to commission four or five major art projects annually in high-profile public places such as Queen Elizabeth Park.

The changes, proposed in a report going to council on Wednesday, come as the publicly funded side of the city’s program is faltering under a lack of capital and an aging body of works in need of maintenance. The city’s cultural spaces management is eyeing taking more from developers to help grow the existing program and to also create a superfund for a new class of projects on city land.

Under the city’s current formula, first enacted in 1990, developers of large-scale projects have to put aside money for public art, either commissioned for their own property or through the city on public land. The city has allowed developers three different options for how that is done, but staff now say that process in some cases has “resulted in sub-par artwork” and has not helped the city build up a stable public art program.

Richard Newirth, the city’s managing director of cultural services, said Vancouver wants to change the rules to create two streams of revenue, one for the city’s regular public art program and the other for a “signature projects” fund.

The first program would be beefed up to nearly $1 million — $700,000 in new capital funds from the city and $270,000 from developers.

Some of the money would also go toward restoring historic public art. This year, for example, the city has already agreed to spend $200,000 to begin restoration of Mungo Martin’s popular — but rotting — wooden totem pole outside the Vancouver Maritime Museum. In 2008, it spent $50,000 just to remove and store the hat from the top of the pole over concerns it might break off and hit someone. Newirth said the city has lots of repairs it needs to do to many of the statues, busts and other art in parks and on city streets.

Under the second program, the city would collect about $380,000 a year from developers and add to a new $1-million “signature projects” reserve fund for major installations on city land.

“This new signature projects fund, while it is a civic program, is really meant to commission major works, which is something we really haven’t done before,” Newirth said. “It is big boost to the program. It is more money than has gone into the civic program in its history.”

Under the new plan, developers would also be allowed to combine their art budgets with others in the area to produce more significant, collaborative works.