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V&A Dundee: UK government grant of £500,000 announced Dundee's V&A Museum to be given another £6.5m from council
(about 10 hours later)
The V&A Dundee Museum is to receive £500,000 from a UK government grant scheme for coastal communities. Dundee's V&A Museum has been given a further multi-million pound cash injection.
The cost of the design museum, to be built on the banks of the Tay, has almost doubled to £80m. The city council has agreed to commit another £6.5m after it emerged construction costs had almost doubled.
Councillors in Dundee are due to meet later to discuss a £6.5m cash injection. The museum was originally due to be built on the city's waterfront at a cost of £45m but it has since increased to £80m.
The Heritage Lottery Fund is also due to announce this week whether it will put up an additional £4.5m of funding.
Last week the Scottish government pledged an extra £10m towards the construction project.Last week the Scottish government pledged an extra £10m towards the construction project.
The latest grant is from UK government's Coastal Communities Fund. And earlier it was announced that it was to receive £500,000 from the UK government's Coastal Communities Fund.
The V&A Dundee Museum is among 27 projects in coastal towns and villages Scotland which will benefit from a total of £9.58m of funding. The museum is among 27 projects in coastal towns and villages in Scotland which will benefit from a total of £9.58m of funding.
Council approval Economic benefits
The cost of the V&A project had originally been estimated at about £45m. Dundee City Council believes the project will bring huge economic benefits.
A council report published earlier this month revealed that the authority has been in tender negotiations with BAM Construction for several months, and the two have now agreed a fixed price of £76.16m for the construction of the building. It is seeking another £4.5m from the Heritage Lottery Fund which is due to meet on Tuesday. That is on top of the £8m the fund has already pledged.
Work on the design museum could begin in March if councillors approve the funding strategy set out in that report. The council has also appointed an independent expert to investigate the cost increase.
Work on the museum could begin in March.
The plans included seeking £22m of extra funding from the Scottish government, as well as £4.5m from the Heritage Lottery Fund and £6.6m from private fundraising.The plans included seeking £22m of extra funding from the Scottish government, as well as £4.5m from the Heritage Lottery Fund and £6.6m from private fundraising.
The remaining sum of £6.5m would be drawn from the council's capital budget for 2015-18.The remaining sum of £6.5m would be drawn from the council's capital budget for 2015-18.