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After 4 years of planning, The Octagon has now been closed for 4 months and no progress has yet been made, infact the project hasn't even started. There are no timescales and no clear understanding of the final costs 

The project itself has highlighted that “It is now clear that assurance cannot be provided.”

• The project is now estimating £8 million over the original £23 million budget, even before any work has begun
• To make matters worse there is till a second tender phase to be completed with a clear expectation that costs will rise further.
• One potential company stated “we do not believe the scheme is deliverable for the budget and so decline to participate” not a resounding endorsement, how far out could it have been for a company to refuse business?
• Going into the second phase of tender we have just one company willing to engage, a company who are now aware they are the only party tendering and that others have highlighted the fact that this is hugely under budgeted - I think we can expect another increase in budget proposal for this!
• The project team themselves have highlighted that they expect the budget to increase as part of the next phase, even with any funding from Yeovil Town Council this project is still going to find it is short the investment it needs.
•  The project team have highlighted to Somerset Council is highlighting it is expecting further delays on the project timescales. Let’s think about this with the tenders not expected to be completed till Jan 2024, Somerset Council then to have to review and debate, there is a strong likelihood that a redesign is required and then planning application changes submitted, given the need to reduce costs. Do we really expect this project to even commence till the end of 2024, by which time The Octagon will have been closed for 18 months, with no work taking place. We will be lucky to see the completion of this before 2027 – IF EVER!

Now as a last resort to try and keep this failed project progressing, Yeovil Town Council have stepped in and are proposing financial support for The Octagon Redevelopment, a loan to Yeovil Town Council which will directly increase the share of Council Tax the residents of Yeovil pay that goes to our Town Council. Remember Somerset will also raise their Council Tax share to help support the massive debts that it will provide to the Octagon.

The short term risk is that the Octagon could be closed for up to 5 years given the time needed to agree and implement. While Yeovil households pay in the Town Council share of the Council tax and in their Somerset share. The long term risk is that this project never progresses and the doors to the Octagon remain closed, the longer they stay closed the more it will cost to reopen. Alternatively the funds will be borrowed from various source the redevelopment will go ahead still with a risk of 5 years closed!  When it does reopen can any business of this size really cope with £18+ Million in debt and an interest bill of over £1Million a year?

We the residents of Yeovil, the patrons and users of The Octagon and the business and community groups of Yeovil insist that our Theatre is restored to its original state and reopened before any further plans for its future are discussed.