Possibly not the 'best' time to launch this initiative - but, to be fair, you could argue that its an opportune moment to try and raise the profile of the city which is currently suffering a bit of an onslaught ...
... so, I'll reserve my judgement until I know who is paying for year 2 - as its not at all clear that funding is secured beyond the first year for this event, which is being paid for by an anonymous benefactor??
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