Crisis-hit Rich Mix to get �500k from Tower Hamlets council
THE troubled Rich Mix is to be given a �500,000 bail-out by the Town Hall following intense discussions last night. Bethnal Green s crisis-hit arts project was forced to go cap in hand once again to Tower Hamlets council to ask for a cash lifeline to sa
THE troubled Rich Mix is to be given a �500,000 bail-out by the Town Hall following intense discussions last night.
Bethnal Green's crisis-hit arts project was forced to go cap in hand once again to Tower Hamlets council to ask for a cash lifeline to save it from going under.
And last night the council's Strategic Development Committee approved officers' recommendation to hand over the cash to pay-off the centre's looming deficit and if they meet certain targets to give bosses additional instalments over the next year that would amount to more than �2m.
The bail-out comes despite the centre already receiving �3.9m of funding from the council since 2002 including a loan of �850,000 which has not yet been repaid.
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Officers said discussions over how the loan was to be repaid had been "on-going" for four years.
The council is planning to use section 106 money from the 25-storey block of flats being built opposite the centre on the corner of Bethnal Green Road and Sclater Street.
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