News / Mareel gets its cash
SHETLAND Islands Council has approved bridging finance to Shetland Arts for Mareel on a narrow vote of eleven to nine.
Councillors Mark Burgess and Theo Smith declared an interest and did not take part in the two and half hour debate which took place behind closed doors.
A finance facility of up to £600,000 will be provided to allow the building to be completed.
The £12.1 million music and cinema venue at the North Ness is over budget by around £1.2 million and was completed 18 months late.
The council imposed a number of “stringent conditions” to give the community “greater reassurance on Mareel’s viability”.
The council said it would commission a full due diligence study and post project review.
In a statement late on Wednesday the council said: “It is hoped that this offer will secure the future of Mareel, and protect the local community’s investment of £6.1m and £5.9 of other public funds in this important public facility.”
Shetland Arts said that its board would meet on Wednesday night in “closed session to discuss the council’s decision”.
A full statement would be made on Thursday morning, the arts agency said.
Highlands and Islands Enterprise, Creative Scotland and the Scottish Government had already agreed to fund their share of the extra money needed.
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