SNP councillors have confirmed their City of Edinburgh Council budget plan which is set to include £4.5m of funding to the King’s Theatre.
The cherished site’s redevelopment has stalled due to inflation in constructions costs and it will not be able to be viable as a working theatre without redevelopment.
The SNP’s opposition budget will propose that the Council borrow £4.5m and provide this sum for the refurbishment, spreading the cost over time.
Councillor Amy McNeese-Mechan said: “We simply can’t allow this Edinburgh institution to collapse.
“The redevelopment is much overdue and essential to secure the future of the Kings, home to Edinburgh’s panto and so much more, for future generations.”
The funding outlined would provide half the required amount for refurbishment with the aim of the commitment being to unlock additional support from other partners such as the Scottish and UK Governments, national arts funding bodies or private donations.
Councillor Lesley Macinnes added: “We’ve worked hard to make sure that we have a costed and affordable plan for this.
“The SNP Group have worked this into our budget proposals which will be announced later in the month and we’re calling on all other parties to do the same.”
The King’s Theatre is not the only arts venue to be hit by financial struggles in Edinburgh in the past year.
Administrators were called to the Filmhouse following the collapse of the Centre for the Moving Image which ran the independent cinema until last October.
Recently, it was reported that a decision to strip the premises of its alcohol licence sparked fears it will be turned into “luxury flats” and never re-open as a cinema.
The City of Edinburgh Council is led by a Labour-minority administration and the budget for 2023-24 is due to be debated and set on February 23.
