Where are the plans to finance York Hall's phased refurbishment?

The council's UNCHALLENGED estimate for refurbishment is
£13.5M.
In order to phase the development the council estimates an additional
20% will be required - £2.14M
There is potentially £2.8M in external funding..

The UNCHALLENGED requirement is around £13M Actually £12.84M
(13.5 +
2.14 – 2.8).

How would such a cost be managed?
What does it mean to the ratepayer?

A loan guaranteed by the government would be low risk and attract low
rates and could be paid back over 25 years or longer.

I admit it - my high finance experience runs as far as raising a loan
to buy a small shop. However I'll have a go if only to provoke
those
who really know the answers !!

Say its costs £13M to borrow the £13M for 25 years.
That would work out at £26M paid back at £1.04M per year for 25
years.

With revenues generated by the facilities the cost becomes something
affordable if shared between the 100,000's of private and
business
ratepayers.

As I say I know next to nothing about finance and seek only to start
an informed debate about the options.

Is there anyone with Financial planning expertise out there that
could come up with some hard facts based on real market conditions ?

Best Regards

Mark