Agenda item

Report of the Director of Culture, Heritage and Libraries.

The Committee considered a report seeking approval of a loan to the City Arts Trust to cover the cost of a temporary pop-up venue and the City’s ongoing financial support of the City of London Festival.

In response to a Member’s question, the Director of the City of London Festival responded that the owners of Paternoster Square and the City of London Police had given positive indications towards the Bowler Hat Project.

RESOLVED – That,

a)    the request for a loan of £150K to the City Arts Trust, to be paid back over a maximum of five years, to pay the costs of a temporary pop-up venue, be endorsed; and

b)    City’s ongoing financial support of the City of London Festival at the current level, a core grant of £297K p.a. with a further £87,676 p.a. for outdoor events, for the year 2015, be endorsed.