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The Newcastle Art Gallery Foundation Chair supports a council plan to borrow $ 22.6 million to fund an expansion project | Newcastle Herald

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Susan Galway, chairman of the Newcastle Art Gallery Foundation, upheld Congress’s proposed funding plan for the expansion of the gallery, but said the project deserves state or federal funding. The council will consider a staff proposal next week to borrow $ 22.6 million from NSW Treasury Corporation to extend the $ 35.6 million extension. The loan is borrowed at 0.88% and will be repaid in 10 years. The council will pay a total of about $ 1 million in interest. The Foundation will donate $ 13 million in re-personnel through bequests and community funding. “We are absolutely pleased to announce that there is a funding channel to realize what was the shared vision of the expanded art gallery for some time,” Galway said. “This is a once-in-a-lifetime opportunity to take advantage of historically low interest rates. I think it’s a wise move.” The Council is a state or federal project for expansion, a project planned for about 16 years. Has served as a jockey to fund the. There are two open federal grant applications, but the Government of New South Wales has refused to fund the expansion so far. Arts Minister Don Harwin has repeatedly stated in recent years that the state government does not have the funds to provide subsidies. A spokesperson for Minister Harwin contacted Thursday about his thoughts on Congress doing it alone, and Congress is eligible to seek grants from a $ 60 million fund pool created with the latest state budget. Said. “The Government of New South Wales has announced a $ 60 million creative capital program to address the needs of cultural infrastructure throughout New South Wales,” a spokesman said. “The Government of New South Wales recognizes the importance of the Newcastle Art Gallery and its collections, and the Council is eligible to apply for funding from the Fund to the Newcastle Art Gallery if desired.” Guidelines will be announced. In the near future, one of Congress’s federal funding applications will be through a two-year, $ 100 million regional reconstruction partnership program. Part of this funding is already being made in other parts of the country.Regional development and communication to implement the Infrastructure Transport Department spokesman program is “With Newcastle. [the] “Hunter” was “currently under consideration” and did not provide a time frame for funding announcements. Galway said he “still expects” the project to receive support from both levels of government. It certainly deserves funding from the federal and state levels. ”

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The Newcastle Art Gallery Foundation Chair supports a council plan to borrow $ 22.6 million to fund an expansion project | Newcastle Herald

Source link The Newcastle Art Gallery Foundation Chair supports a council plan to borrow $ 22.6 million to fund an expansion project | Newcastle Herald

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