Cheltenham Borough Council has agreed to underwrite up to £5.5m to secure the future of the town's Art Gallery & Museum.
The attraction was due to undergo refurbishment works, but ran into a funding shortfall. Council officers are working on a second-round bid to the Heritage Lottery Fund (HLF) for £750k to address the shortfall, as well as other applications for £475k through the Development Trust.
However recent changes at the HLF mean that the fundraising campaign needs to either secure or underwrite £5,550,000 before the second-round application can be submitted.
The aim is to reach a new total of £5,750,000 for construction to start in spring 2011.
Laura Carter, communications officer for the council, told Leisure Opportunities: "I can confirm that the council's current funding commitment is £2.5m, and that our cabinet recommend the underwriting of the fundraising for the development scheme be supported up to a maximum of £5,5550,000
"Cabinet recommend to council that this is agreed as part of the budget process for 2011/12. Therefore this needs to go to full council for their approval."
