ANOTHER initial £8.7m is needed to complete Manchester’s acclaimed new arts centre Aviva Studios, home of Factory International, with a report suggesting costs could climb even higher before it opens fully in October,.
Manchester City Council says ‘the volatile economic climate and the complexity and uniqueness of the building’ have led to its budget of £210m soaring, but the ‘game-changing’ venue was ‘definitely worth the investment and worth the wait’.
As a result, the council’s governing executive committee will be asked to approve an £8.7m budget increase, largely funded through borrowing, later this month.
The council plans to repay the money borrowed from income generated by the naming rights and other building-related sponsorship. It’s understood the naming deal with Aviva is worth in the region of £35m. There’s also a £670,000 grant from Arts Council England.
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