Nottingham Contemporary, which is being built on Garner’s Hill, next to the Lace Market, is now expected to cost £19.39m. The contribution required from Nottingham City Council has also shot up. The council originally pledged £1m towards the project and is now stumping up £5.25m…
However, the costs to the city council may yet rise further. The scheme is still dependent upon £2m being raised through donations from businesses, individuals and trusts. The council admits there is a significant risk these funds will not be found and it is committed to underwriting any shortfall.
The council says the increased cost is down to difficulties with the site, including the steep gradient, works to support a cliff, the discovery of an unknown sewer and remodeling the connection with the Broadmarsh Shopping Centre due to delays to its rebuilding. In addition, costs of fitting out the building have risen.”
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