Newcastle City Council has earmarked £900,000 to pay for major events in the city
Newcastle City Council has fired a warning shot as it reveals ambitions of hosting major international events.
The city council is aiming high as it launches the Great North City fund to attrac topevents to the region.
Councillors approved plans to ring fence £900,000 of funding to help boost Newcastle's international profile with high profile events at a cabinet meeting on Monday.
Following on from the successes of the Rugby World Cup in 2015 and two consecutive Magic Weekend events in 2015 and 2016, the city is now gearing up to host the Great Exhibition of the North in 2018 and the 2019 European Rugby Finals.
Councillor Kin McGuinness, cabinet member for culture and community, putting forward a report on the Great North City Fund at a cabinet meeting on Monday, said: "It is incredibly positive.
"These plans or £900,000 are to help us to continue to establish ourselves as a city which hosts incredible events.
"So far we have had ad hoc approach, this fund will allow us uo plan."
The cash for the fund comes from council's £3.8m share of dividends froom Newcastle International Airport.
The cash-strapped authorities, which own a share of the airport, each took a share of over £20m following a refinancing deal agreed last month.
Coun McGuinness said the Great North City Fund was a better use of the cash then just trying to fill the gorwing budget deficits the cash-strapped authority faces.
She added: "We have made sure with this fund that this is something which will have a tangible imapct on the city rather than just using the money to plug funding gaps."
A report to cabinet said events will be receive grants of at least £30,000 on a one-off basis and match funding by organisers will be encouraged.
When questioned about the £30,000 minimum grant for each event Coun McGuinness explained this is because of the type of large scale events the city is hoping to attract.
She added: "To bring something like the Commonwealth Games would be around £1m."