Complex sentence: As a testament to the building's influence on the city, the city began in 2002 to hold an annual showcase of art by local artists, named the "Threefoot Arts Festival" in honor of the historic building.
Split into simpler sentences: As a testament to the building's influence on the city, the city began in 2002 to hold an annual showcase of art by local artists. The city named the showcase the "Threefoot Arts Festival" in honor of the historic building.