Originally Posted Sept.6 2014
During the upcoming Council meeting scheduled for Monday, September 8th, the Port Theatre Society will make a presentation to Council requesting a motion be made to partner the City of Nanaimo with the Port Theatre Society for the construction of a Community Performing Arts Centre. This expansion of the Port Theatre will include a performance space with seating capacity for 220, rehearsal space and lobby.
The estimated cost for the Community Performing Arts Centre is $12.6 million. The Port Theatre Society is contributing $8 million through their fund raising initiatives and will be requesting that City Council commit $4.6 million to the project (dependent on the Port Theatre securing the remaining funds). The City will then apply for both the Federal government's Build Canada Fund and Sesquicentennial Grants, to be used as part of the City's funding commitment.
$2 Million Line of Credit Needed
An additional request will also seek Council's approval to proceed with plans to build the City-owned facility on the existing theatre site and that support be given for a $2 million line of credit in order to proceed with design and engineering completion.
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