The Narooma School of Arts is "absolutely thrilled" to receive more than $7 million to build the Narooma Arts and Community Centre.
The funding was announced from the Bushfire Local Economic Recovery Fund, where two other Narooma projects were also successful.
The Narooma Mountain Bike Club received $3.9 million to complete their trails hub project and the Wagonga Local Aboriginal Land Council was provided more than $3.2 million for their Muliyaan Cultural and Wildlife Centre.
Narooma School of Arts president Jenni Bourke welcomed the news of $7,276,190 to complete the long-awaited project.
"It will be such a boost to local morale as will the other successful projects," she said.
Ms Bourke said the new community-owned arts centre will have three multi-use studios/rooms and a gallery: "which will be the heart of our community for everyone to use, young and old."
"It will enrich our wider community well into the future," she said,
"Its uses are only limited by everyone's imagination."
Ms Bourke said the community led the initiative and the design process was "extensively thought through over more than 10 years".
"It's really important to remember the many people who have worked so hard towards this vision over the years, including our architect CK Architecture," she said.
Narooma School of Arts owns land and buildings on behalf of the community valued at $3 million, and manages and enhances them on the community's behalf for the arts in its broadest sense.
These buildings are the Kinema, Gallery and Studios.
Mrs Bourke said the ongoing benefits of the project outweigh the costs, with major community health and wellbeing benefits for the whole region as well as economic benefits - particularly through cultural tourism and training and job opportunities.
For more information about the project visit www.naroomaschoolofarts.com.au
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