The project has been plagued by heavy delays and 'hyperinflation'
The final cost of building Manchester's Aviva Studios is expected to exceed £240m, according to the latest estimate revealed in a new report. The budget for the new arts centre which opened as the permanent home of Manchester International Festival this summer is set to increase by another £22.2m.
A new report to the council's executive published today reveals that this request will be for another £22.2m to be funded by borrowing, taking the total cost of the project to £241.7m. If approved, this additional funding will come from the council's capital budget, which is for one-off construction and infrastructure projects, and will not affect funding for the services it provides.
"As with any major construction project, the costs will not be finalised until after completion when the final accounts are agreed. In the meantime, an estimated figure has been included in a routine budget monitoring report about our building and infrastructure projects in the interests of transparency.
In July, a council scrutiny committee was told that a team of 12 detailed design architects were kept on the project due to its complexity. Additional work had to be carried out by the team as they reacted to issues arising along the way.
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