The authority will be paid the money over the 25 years of the agreement between the two parties. The figure will mean the council recovers the estimated £5.9m costs of remodelling the former New Street gallery – which it had agreed to loan the college – and turns a profit. Chiefs originally said the deal would save the taxpayer around £37 million over 25 years as it would no longer be subsidising the arts centre to the tune of £1.5m a year. This revelation, which came after a request under the Freedom of Information (FoI) Act, means the council’s coffers will be nearer to £41.1m better off by the end of the lease agreement, than if it had not changed anything.
Posted on: Fri, 04 Apr 2014 06:23:15 +0000
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