Councillors are told the original business case is no longer affordable due to rising interest rates.
Political reporter, BBC SomersetYeovil's Octagon Theatrethe original business case is no longer affordableThe council said this was due to interest rates rising four-fold, from 1.5% when the business case was approved to around 5.6% last month.
The original business case included £10m of funding from Arts Council England, based on the theatre's main auditorium expanding from 622 to 900 seats.Councillors were told current interest rates of 5.6% would take annual interest repayments from £245,000 to more than £1m a year, for the first few years.The council said local government finances were under pressure nationally and last month's budget papers showed a projected £26.
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