After talking about the possible partnerships with private companies, Rui Moreira is looking for crowdfunding solutions. The cost of renovations for the is estimated at $9.2 million (€8.5 million). It was already known that the possibility of the concession to private individuals of the Oporto Coliseum was on the table. Now, the Mayor of Porto (CMP), Rui Moreira, is open to other solutions. One of the solutions put forward at the municipal executive meeting was crowdfunding.
Discover the world’s most interesting financial news with the Born2Invest mobile app. The app provides its readers with access to the latest news in crowdfunding, fintech, crypto, and the business market.
$9.2 million is needed to renovate the Coliseum
With an estimated cost of $9.2 million (€8.5 million), the renovation works are too much for the Association of the Friends of the Coliseum. Given the private nature of the Association, the municipality cannot finance them either, the mayor claimed. “None of this prevents people from getting organized. If there is the possibility of crowdfunding for this if you want to create in the Association a special budget to do the works, great,” said Rui Moreira.
What the CMP seems to be certain of is that the solution will not go through central power: “We know that the State will not participate, because there are many public investments that are needed and it will not divert funds to private investments,” added Rui Moreira. The president of the CMP reinforced the urgency of the intervention in the building: “I cannot be permanently confronted by the direction of the Coliseum saying that it will fall any day,” he told the councilmen present.
Ilda Figueiredo brought attention to crowdfunding discussion
It was Ilda Figueiredo who brought the issue of the building works to the discussion. The councilwoman of the CDU defends the “mobilization of the City Council as a whole and also of the city itself in the demand to the central power of the necessary investments for the rehabilitation” of the Coliseum, emphasizing that all possibilities must be “exhausted” before proceeding with the concession.
The municipality states that it was prevented from using EU funds from the Portugal 2020 program for the restoration of the building. “A hypothesis was admitted, which would be a contract of transfer of the Association to the Oporto City Hall, which as a tenant and keeping the association functioning there, could apply for the funds”, explained Rui Moreira. Not having resulted the solution, the possibility of a private concession was raised.
Dissatisfaction by Manuel Pizarro
Manuel Pizarro expressed dissatisfaction with the news, also demanding “more transparency” in order to know which are the “most relevant cultural projects than the rehabilitation of the Coliseu do Porto” in the north of the country. The councilman of the PS ended by reaffirming that the concession is a solution that “can and should be studied.”
If this is the solution adopted, the concessionaire will be obliged, according to the autarchy, to maintain the jobs of the current workers of the Association of Friends of the Coliseum, to ensure that the Association has space to promote activities and to ensure the commitment with the Ministry of Culture to host opera performances. Still updated is the General Assembly of the Association of Friends of the Coliseum in which the possible alternatives to rehabilitate the cultural equipment inaugurated in 1941 will be discussed.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in JPN, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
4 trends transforming the world of venture capital
What lies ahead for conventional venture capital companies in the world of cryptocurrencies is not clear right now. Yet, it...
How are ESG company news deciphered with Artificial Intelligence
Thanks to the incredible progress in artificial intelligence (AI) observed in recent years, and more specifically in natural language processing...
5 easy ways to start an online business from home
Affiliate marketing is one of the most preferred methods of monetization of a blog. Blogging is one of the most...
The liquidity crisis of the SME triggers the race of the Italian fintech companies
The pandemic does not affect the fintech sector, which, on the contrary, is growing. While large money management and insurtech...
The talent crowdfunding of Smartika to finance the studies of young people is starting
Smartika has recently launched a talent crowdfunding campaign. To operate in this area, the peer-to-peer lending company Smartika has signed...
Africa6 days ago
The Burkinabe cotton industry is in full development
Business5 days ago
Why small caps and value stocks appear to be now outperforming
Biotech4 days ago
Novartis invests $1.35 billion into a drug also designed for COVID-19
Featured5 days ago
77% of the companies in the Confidi network have started fintech projects