In 2018, Council approved the purchase of 159 Pitt Street as the location of Cornwall's new Arts & Culture Centre. +VG Architects completed a 'fit test' review of the property and provided construction estimates for various renovation/addition scenarios at $4M-$6M.
The City plans to fund the cost of the Arts & Culture Centre by borrowing the funds (financing) and through a community fundraising initiative. In December 2018, a fundraising group came to Council and presented the group's plan to raise $1M for the Arts Centre. To date, the Arts Centre Fundraising Committee has raised $248,510 through donations and events. Of this amount $109,778 has been collected and deposited to the Arts & Culture Trust Fund reserve account.
As investment rates increased over the past year, so has borrowing rates. Borrowing $5,000,000 over 25 years at 4.25% would equal approximately $325,000 in annual principal and interest charges.
Expenses incurred to date of approximately $474,000 include the purchase of the building, legal fees, and the design concept review.