Chief Minister Allan Bell has described the news a key development in Ramsey has been put on the backburner as 'a blow'.
The Church on the Rock project was expected to cost in the region of £5 million, featuring a multi-purpose 400 seat auditorium for functions and concerts, a cafe, modern office suites and smaller halls on the site of the former Albert Road school.
However, it’s been pulled after substantial financial backing was withdrawn.
Mr Bell is the town's MHK:
Government suffers fresh defeat over North and West Area Plan
Last-minute Treasury amendment sparks criticism before combined vote delivers set back for Cannan administration
Steam Packet confirms overnight sailings cancelledÂ
Gale warning in operation in North Irish Sea tonight
Plans to be submitted for Ramsey Harbour flood defence scheme
Department of Infrastructure's proposals to go on display
"Substantial progress" made on design of new Castle Rushen High School, says minister
But MHK criticises pace of progress on Castletown site
"Demand for green, clean energy is rising amongst all businesses", says MUA
More than a quarter of imported electricity now classified as 'zero-carbon'