Loan for RegalTheatre
SUBIACO Council agreed to an immediate contribution of $100,000 and a four-year fixed interest-only loan of $400,000 to the Regal Theatre restoration program at a meeting last month.
The first $100,000 will go towards the $470,030 cost of installing 1048 new auditorium seats at the iconic Rokeby Road theatre.
Earlier this year, the Regal Theatre Foundation invited the City to become the first commercial sponsor of its ongoing $10 million restoration program.
However, Cr Lynley Hewett said she was hesitant to “spend ratepayers’ money on a private enterprise”.
At the August 25 council meeting, Cr Murray Rowe said the fixed loan of $100,000 each year for four years, starting on August 30 2016, was a good compromise.
“The Regal Theatre is a beautiful building that deserves our support,” he said.
“There is very minimal budget impact when the loan is spread out over five years.”
Regal Theatre Foundation chairman and former Subiaco Mayor Richard Diggins said the restoration would include works on the upstairs balcony.
It would also involve the replacement of the western staircase and a roof, new seating, electrical upgrades and repainting.
Stage one of the works is expected to be completed early next year.