ROYAL CONSERVATORY OF MUSIC ASKING FOR BAILOUT

Mar 08, 2016

By Dave Woodard

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The Royal Conservatory of Music is asking for relief from the province to help cover the cost of of a loan received in 2007 to help build the Telus Centre for Performance and Learning.

Last year the loan payments ballooned to 4.5 Million dollars which is 10 per cent of the Conservatory’s annual budget.

CEO Peter Simon told the Toronto Star, the burden of the loan is taking away from what they could be doing with programming.

The Star quotes sources saying its likely Queen’s Park will offer relief to the Royal Conservatory of Music but will stop short of wiping out the loan entirely.

Instead, it could reduce the interest rate, extend the term of the loan or provide special funding for programming.
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