Tuesday, April 19, 2016

Council Re-affirms Support - Performing Arts Centre

City of Nanaimo confirms $4.6 Million commitment

At the Council meeting of April 18 city council agreed to re-affirm support for the Performing Arts Centre project which was originally estimated to cost $12.6 million.

In 2014 Council agreed to support the project with a $4.6 million grant and support an line of credit for $2 million. The Port Theatre Society then set out to raise the balance of $8 million. In Sept. of 2015 the Society addressed city council, informing them that the project was being put on hold as their fundraising efforts were not as successful as they had hoped.

There have been some changes in the world of fundraising which has prompted the society to approach council to re-affirm the city's commitment to fund $4.6 million of the project. The $2 million line of credit is currently in play.

The original motion passed by council stated the city would provide $4.6 million and the society would raise funds in the amount of $8.6 million. That has now been changed to say the city will provide $4.6 million and the society will raise the balance of the funding.

With the support of the city the Port Theatre Society will actively explore and pursue funding opportunities from Federal and Provincial funds to maximize funding from senior levels of government beginning with: Build Canada Fund, Department of Canadian Heritage, Cultural Spaces and Canada 150. 


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