Castiglione’s Asylum to Become City Hub Via New Municipal Bonds

The former Menghini asylum, a building located in the historic center of Castiglione and owned by the municipality, will be renovated to become the hub for the city’s collective activities.

Innovations in Funding and Planned Works

The project, which has been promptly presented by all administrations over the years, might finally come to fruition thanks to a change in the way it is financed.

In the latest session of the city council, in fact, the financial plan for launching Comune Ordinary Bonds on the market by the municipality was approved.

Essentially, these will be bonds, each valued at five million euros, to be purchased by local banks, which will receive interest payments from the municipality.

With the money the municipality will receive from the subscribers, the city council plans to finance various works, the most significant of which will be the renovation of the former asylum itself.

Current Status of the Project and Building’s Intended Use

At present, this space is used as a meeting hall by members of the Evangelical Church.

The renovation plan, which will require an investment of approximately 1.2 billion euros, is currently only in the preliminary stage.

However, the administration has already clarified, barring any reconsiderations during the evolving design process, that the idea of establishing a youth center in this structure has been shelved.

The purpose of the asylum is envisioned to be that of creating public spaces, such as a conference room and equipped premises, to facilitate collective and social activities.

Likely, the renovation could commence at the beginning of next year.