The local authority is seeking cabinet approval to release the funds to “resolve urgent building maintenance issues” at the historic performing arts venue.
Under the terms of the proposals, capital would be recouped through a reduction in the theatre’s CLIP (Culture Liverpool Investment Programme) funding over the coming years.
A report issued ahead of the cabinet meeting reads: “This project offers multiple benefits. It offers good value for money, with a small but significant reduction in revenue funding, and raising income through a renegotiated lease.
“It will improve the condition of an Liverpool City Council asset, and will improve visitor experience to the theatre, with the potential to improve the financial viability of a historic Liverpool theatre.”
The funding will be used to enhance the Playhouse’s technical facilities as well as its bar and catering offering, making the venue “compliant with current statutory requirements and customer expectations.”
The proposals will be put forward at a cabinet meeting on 21 April, recommended for approval.