Archive move has £800,000 blackhole
PUBLISHED: 09:13 24 October 2016 | UPDATED: 09:13 24 October 2016
The multi-million pound project to move the Cambridgeshire Archive to a new building has a budget shortfall of more than £800,000
Cambridgeshire County Council needs to find another £860,000 to cover the rising costs of renovating a former bowling alley in Ely.
The archive project, which will see items moved from across Cambridgeshire to a single building in Ely, was originally set to cost £4.2 million, but a number of issues have sent the price spiralling.
A report to the council’s assets and investments committee says the original budget is not enough to provide a building with a one-in-100-year flood risk, four-hour fire rating, and adequate storage space – essential facilities to get accreditation from the National Archives.
Building costs have also increased, meaning the council needs to find extra funding to be able to complete the project to the necessary standard.
The committee is likely to agree to fund the extra costs when it meets on Friday (October 21), increasing the project spend to £5.06m. Some of the additional money would be borrowed, adding up to £53,000 a year to the interest payments over a 25-year period. However, one potential source of income the council is considering is to make the new building’s car park pay and display.