A new art museum for Shepparton just moved closer to reality, thanks to a State government grant.
Last year SMA completed the Feasibility and Business Case for the new Art Museum in Shepparton, which was critical to securing the funds.
Funding of $10M towards the $34.5 million project has been approved by Regional Development Victoria. This adds to the funding agreed to by Greater Shepparton City Council ($10m) and $4.5m from the SAM Foundation. The Foundation will also fund an additional $8m to support future operational costs. Now all that remains is to apply and secure $10M funding the Federal Government over the next few months.
The SMA Business Case forecast that over the construction phase, the project will inject $34.5 million in the local economy, and create 72 direct and 109 indirect jobs. Once operational, the museum will increase visitor spending in the region by $6.25 million per annum and provide 23 direct jobs by year ten. This will have a positive impact on the annual visitor spend in the region and is likely to encourage other private investment in new business and tourism infrastructure and services to cater for the increased number of visitors to the region.
To view the announcement, go to www.premier.vic.gov.au/shepparton-the-cultural-hub-of-the-goulburn-valley