MUSEUM bosses in York are hoping to secure a council loan of more than £500,000 to allow them to store more of the city’s priceless heritage.

The money would be used by York Museums Trust to buy a building where valuable pieces of its renowned historic collections could be kept safely. The move would also create more space for public exhibitions at some of the city’s tourist attractions.

The organisation has requested a £525,000 loan from City of York Council, which it will then repay over 15 years, so it can make the purchase. The move has been described as a “once-in-a-lifetime opportunity”.

Terms for the loan, which would see the council borrow the money to buy the freehold of a building, have been provisionally agreed, but the deal will still have to be rubber-stamped by the full authority.

The council’s executive will tomorrow be told the Trust currently spends more than £50,000 a year on renting storage space. This figure will rise unless it can secure a new building.

The Museum Libraries and Archives Council has verbally agreed to help with the costs of fitting the site out.

A spokesman for the trust said: “The purchase of this property is part of our role in securing suitable storage for the city’s nationally-important, designated collections.” He said the purchase would be a once-in-a-lifetime opportunity to acquire a store where, crucially, development was possible to sustain needs for the next 20 years.

“It will also enable us to develop spaces in York Art Gallery and York Castle Museum which are currently used for storage and closed to the public.” he said.

“It is our intent to use these new areas to showcase more of the fantastic collections for visitors to enjoy.”

At tomorrow’s meeting, the executive will decide whether to recommend to the full council that the loan should be agreed using “prudential borrowing”.

If it is, the Trust will pay back the full amount and the interest costs at £49,000 a year.