WITNEY Town Council faces a bill of up to £1.5m to reopen the dilapidated Corn Exchange and the building could be shut for 18 months while work is carried out.

But the council has admitted it has “limited resources”, with just £190,000 in its public halls reserves.

Residents could be asked to find the shortfall through a council tax rise.

The Corn Exchange, used by community groups for plays, concerts and meetings, closed without warning in November after a report showed its heating and ventilation system was in danger of “imminent failure”. It later emerged it contravened fire safety regulations and had a crumbling balcony.

The estimated cost of repairs was revealed at the council’s public halls committee on Tuesday night, a body reconvened in the wake of the hall’s closure.

Chairman Toby Morris told the packed meeting in Langdale Hall there were two options on the table.

He said: “We can either bring the Corn Exchange up to the statutory requirements or we can take this opportunity to refurbish it. From the date the decision is made it will take between 12 and 18 months for a full refurb.”

He said to fully refurbish the Grade II-listed building in Market Square would cost around £1.5m.

If the council were to opt for just bringing the hall up to the statutory requirements, which would involve upgrading the ventilation, replacing the heating system and providing a “safe means of escape”, it would take between six to nine months.

For this option projected costings would be in the region of £500,000, he said.

Before making a decision the town council will wait for the results of an inspection of the building’s electrics.

Last week, the council confirmed its intention to sell Langdale Hall to help finance any improvement work.

The Corn Exchange was last refurbished in 1978.