A capital grant of up to £250,000 to help fund a restoration project at the Theatre Royal has been recommended by St Edmundsbury Borough Council's Cabinet. To avoid any increase in Council Tax the loss of interest from taking this money out of the council's savings should be balanced by giving the Theatre Royal a lower annual grant of £75,000 Cabinet members recommended at today's meeting. The final decision will be made by full Council at its meeting on 7 September, when the issue will be debated in public.
Cabinet member for Arts and Culture, Cllr Andrew Varley, said:
"The Theatre Royal is a splendid and unique centre of artistic achievements and we are keen to support its restoration project. I am delighted that extensive negotiations over the past months have led to this proposal, which will give the theatre a substantial boost to its fundraising programme at no additional cost to the Council Tax payer."
St Edmundsbury already supports the theatre with an annual grant to help towards its running costs. This year the revenue grant is £88,400 but Cabinet members have suggested this be reduced when the capital grant is made to £75,000 to offset the loss of interest. By making this reduction, the council can ensure that there will be no knock-on effect to council tax payers. Any funding would be subject to approval of the theatre's final business plan.
Cllr Varley said:
"We are recommending a grant of up to £250,000 based on the theatre's current plans, but if those change in the future then we will ensure the amount we are giving is appropriate."
The capital funding will help towards an extensive restoration project that will improve access and facilities at the theatre as well as restoring a number of 18th century features that are important to the heritage of the town. Cabinet members also agreed to recommend that loans could also be offered in the future if it would help the theatre achieve its aims.
The offer of a grant, if approved by full council, will help achieve St Edmundsbury's priorities such as improving the wellbeing of the community and creating a prosperous local economy.
ENDS
ISSUED BY MARIANNE HULLAND, COMMUNICATIONS UNIT, ST EDMUNDSBURY BOROUGH COUNCIL. Tel 01284 757034. marianne.hulland@stedsbc.gov.uk
