PEOPLE in Yeovil are being asked if they are prepared to pay more tax to support investing £3.75 million in the regeneration of the Octagon Theatre.
Yeovil Town Council (YTC) wants to provide the sum as part of a £15m overhaul of the theatre to create a “flagship cultural venue” for Somerset.
Previously, a plan to revamp the theatre – costing £29m – had been developed, gaining £10m of government investment. However, amid a financial crisis at Somerset Council, the scheme was deemed ‘unviable’ – and called off.
Now, facing the loss of the government money, YTC has launched a consultation aimed at garnering support for a new funding model that could see the new £15m project delivered.
It would see residents asked to pay a 3.3% levy on their council tax to counter the costs of borrowing £3.3m towards their contribution (£3.75m) – with the rest coming from reserves.
That would be combined with £265,000 from Somerset Council, the £10m from the government, £541,000 from a ticket levy previously imposed through the Octagon and Westlands, and £444,000 of other fundraising and grants, to hit the £15m total.
In return, residents are being offered “the creation of a flagship cultural hub for Somerset”.
A brochure produced by YTC to launch the consultation said: “This project will transform the theatre into a creative hub that will ensure residents across Somerset can enjoy amazing performances and opportunities to benefit from the creative arts and attract visitors from outside of Somerset to visit our beautiful county.”
It said the scheme would “secure the future of the Octagon Theatre for generations to come”.
Plans for the redevelopment of the Octagon Theatre in Yeovil include:
- an enhanced auditorium, including well-equipped stage and better facilities for performers
- a dance studio suitable for a variety of classes
- a revamped front-of-house, including accessible toilets and a “cosy café bar”
The project, should it go ahead, would be managed by Somerset Council, with the Octagon handed over to YTC to become the sister venue of the Westlands Entertainment Venue.
“The development of the Octagon Theatre will provide an economic boost for Yeovil and the surrounding area,” the brochure went on.
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“On re-opening, the Octagon will generate £9m of economic activity annually and support 160 jobs throughout the economy.
“While the economic basis for development is compelling, this project is also about improving the health and wellbeing of everyone living within our county and beyond.
“We passionately believe that everyone should have access to the arts and that they have the ability to transform people’s lives.”
Does Yeovil agree enough to help pay for it? The consultation aims to find out.
YTC is set to run a number of information events during the consultation at Westlands, on August 28 and September 3, before the closing date for submissions, of September 21.
I think it should go ahead. Will some of the revenue once the theatre is up and running be used to repay the loan, and will the rise in council taking them be taken off again?