Council to back Convention Centre
Cardiff Council is to put money behind its plans for a convention centre as part of the new Central Business District.
Cardiff & Co MD Richard Thomas said: “Congratulations to Cardiff Council for making a firm commitment on this. It is encouraging at a time when local authorities finances are tight. They clearly recognise this is a positive investment in the long term. The location is perfect, right in the heart of the central business district.”
A centre with capacity for 1,500 delegates would bring about £46m a year into the Cardiff economy.
Council leader Rodney Berman has committed the council to setting aside £3m over the next three years to the ICC project.
The idea is to use the cash to cover repayments on a £15m loan to be taken out in the 2015-16 financial year.
As well as attracting private sector investment, the £30m shortfall could be covered by a new funding mechanism known as Tax Increment Financing (TIF).
“This is about us signalling our strong intent to move forward with the convention centre and back that up with council resources,” said Councillor Berman.
“It has been an aspiration for some time, but this project is now firmly on the horizon for delivery in the next few years.”
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16/02/2012
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