The funding model has not changed since the original submission which means that there are lots of areas of the Business Plan which now do not stack up — the financials originally were based on income from the Car Park doubling yet since then there has been a price war and charges have reduced by 50%.
There are ‘assumptions’ but no guarantees that the Arts Council will provide the necessary revenue funding.
The original costsings were based on staffing costs that would be set by a Community Trust yet now they will be set at higher Local Authority levels.
Access to external funding would have been higher through a Trust compared with the LA.
Full Business Rates will be payable compared with the Business Plan that discounted these to take account of Charitable Rate relief.
Clr Hugh Jones was questioned in an Executive meeting by Cllr Malcolm King about when a Trust would be formed and he answered it is normal for these types of projects to be run by a Council first and then passed over. So he was honest at that point and is doing what he said.
What we need to be seeing is what are they planing to exhibit in the first six months to see if it is something that will attract people.
The market stalls will not pay rates as they will be individually rated,as is the present case in the Butchers and General Markets. It maybe that other areas of the Hub will fall into the same category.
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