Philharmonie de Paris
The way how the new Philharmonic Hall has been financed by the city of Paris has been severely criticized by the regional Court of Auditors of Ile de France. The budget for the new hall increased from €173,1 million in 2006 to € 534.7 million in 2015. The report says that the French capital choose a funding model which was unsuited for this type of investment. Indeed, Paris involved an organization specially created for the purpose of financing the Philharmonic Hall. That organization paid the part due by the capital, 234.5 million. The city reimburses this money over years in the form of grants. The report says, the city would have obtained better loan rates by borrowing directly, as did the government, so that at the end, Paris will lose between €20 and 25 million.
