How much will the restoration of the Globe cost?
How is the restoration being funded?
30% of the project is being funded by the Heritage Lottery Fund (HLF) who has awarded a £4.5m grant through the Heritage Enterprise scheme with the Council funding the remaining £10.5m.
Isn't this a lot more than originally thought?
This is a new and much broader scheme which has come about following detailed investigative work and consultation with the operator. The new restoration project will meet the operational and business requirements of an internationally renowned operator. The new scheme will enable ATG to attract some of the world’s best known bands, artists and comedians to the Globe.
A scheme of this scale and nature requires significant investment to attract world class operators and to be financially feasible outside of London.
How can the Council justify investing in the Globe restoration project when it is already having to make significant cuts across its services?
The restoration of the Globe and its use as a live entertainment venue, will create 250 jobs and attract artists and performers who will bring 215,000 visitors to Stockton Town Centre each year. Visitors who will also spend money in the nearby shops, cafes and bars generating £18m per year.
The Globe’s restoration will contribute towards the economic and physical revitalisation of the town centre, the Borough and the wider Tees Valley while also further boosting Stockton’s reputation as a vibrant live music and festival town, and placing it at the cultural heart of the Tees Valley.
The capital money allocated for the Globe restoration project cannot be used to fund staffing or maintain day-to-day services.
In short, councils effectively manage two main budget streams – our capital spending and our revenue budget. Capital spending can only be used as one-off spending on physical regeneration projects such as the Globe, The Hampton by Hilton Hotel or Ingleby Barwick Leisure Centre.
The revenue budget covers day-to-day running costs of services like social care, waste collections and street cleaning. Unfortunately, this budget is being hit by year on year reductions in Government funding. These cuts have left the Council with no choice but to review front line services.
So, when people see the Council proposing to invest significantly in the Globe restoration project while cutting back on other valued services we can understand why they may perceive a complete contradiction. The fact is, we are in a situation where we can invest in physical regeneration projects while at the very same time, the funding we have for services is reducing rapidly.
Much of the capital needed to restore the Globe could not be repaid under a normal commercial arrangement outside of London or a large major city, as such the cost will need to be met via significant capital grant. However, in the longer term the Council will enter a profit share arrangement with ATG and any surplus funds could be used to support Council services.
How many jobs will be created?
More than 250 - 166 as a result of visitor spend in the local economy and 90 at the Globe and in its supply chain.
Why has it taken so long to get the project to this point?
The Globe restoration is a technically and commercially complex project. Since the Council became the lead partner in March 2016 a significant amount of preparatory and investigation works have taken place and a huge amount has been achieved to get the project to this exciting stage.
What has been done in the building to date?
Technical preparatory and exploratory work has been carried out at the Globe. It has included digitally recording/scanning every inch of the building and preparing detailed drawings of the building upon which the restoration works are based.
Works have included:
When will we see works start on the restoration?
Preparatory works are continuing and subject to Cabinet approval, works will start on the full restoration in the autumn.
How long will the works take?
The Globe is expected to open its doors in spring 2020.