The Grand Theatre’s request for $2 million in municipal funding received unanimous support from London’s corporate services committee on Tuesday, but now it’s a matter of ensuring the city has a funding source equipped to dole out the cash.
The $2 million would be used to help cover a portion of an $8-million renovation scheduled for 2020.
The Grand Theatre wants to draw money from the city’s tourism infrastructure reserve fund, but city staff have noted that the fund may not be able to foot the bill within the given time frame.
City staff recommended the request be deferred a year until the tourism infrastructure reserve fund can generate more money, but at Tuesday afternoon’s meeting, a delegation from the Grand Theatre noted that a commitment now would bolster its position in applying for further funding toward the project.
The tourism infrastructure reserve fund was approved last year, and began generating revenue in October through a four per cent charge on all hotel and motel stays in the city.
A report from city staff listed the fund’s balance at “approximately $411,000” as of the end of 2018. However, the report added that funding can also be pulled from the economic development reserve fund and the community investment reserve fund should the request be approved.
During the committee meeting, Coun. Jesse Helmer noted that where the funding comes from doesn’t really matter to the theatre.
“We can indicate now that we support the idea and that there will be $2 million from one or both of those sources of funding.”
Deb Harvey, executive director for the Grand Theatre, told 980 CFPL she was pleased to earn unanimous support from the city committee.
“We have been doing our homework and letting people know about the issues that are here at the Grand Theatre,” Harvey said.
“I don’t think anybody was surprised and nobody was blinded by the request.”
WATCH: Cast of the Grand Theatre London’s High School Project give a sneak peek of Prom Queen: The Musical
Harvey said the upcoming renovation will be throughout the building and bring new seating and lighting to the theatre, along with an expansion of its wardrobe and lobby.
As for the rest of the $8-million price tag, Harvey said the theatre hopes to secure the rest of the cash from federal funding and private donations.
“The leverage of having your municipal government support is a really strong signal of support,” said Harvey, adding the funding commitment from London would bolster its position in securing the rest of the $6 million.
The municipal funding request will go before city council for a final decision.
Comments