Our communities, our creative industry in Wales and also our country's international profile will benefit from this cultural development

Welsh Finance Minister Jenny Randerson

"We are laying the foundations for a cultural centre which will not only enable creativity in Wales to flourish but will also promote the Welsh culture and the Welsh success story to the rest of Europe and beyond," she said.

In recent months, assembly members have seen the bill for constructing the centre soar from �75m to �92m.

After the initial surprise, they are now ready to see if a company can build it for within that budget - with guarantees attached.

The appointment of Sir David Rowe Beddoe as the new chairman of the WMC helped quell fears.

"As public funds are involved we have a responsibility to ensure that the Wales Millennium Centre is delivered at an acceptable cost...," said Ms Randerson.

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"But let's not forget this is good news for Wales and the advantages the Wales Millennium Centre can offer will be far reaching.

"Our communities, our creative industry in Wales and also our country's international profile will benefit from this cultural development."

Some questions do remain, however, such as the year-on-year funding of the centre with the business plan, which is seen by some as unrealistic.

Issues like this are due to be scrutinised in May when the project goes before the assembly's culture committee.

And last week, theatre managers in Wales wrote to the assembly to voice concerns about the viability of a proposed new showcase for the arts.

Creu Cymru - an umbrella group representing 31 theatre venues in Wales - lobbied the assembly, spelling out its concerns that the centre would damage other venues.

Rhodri Morgan: Concerns over business plan

The Wales Millennium Centre project has been dogged by delays and rows over funding for several years.

Back in December, the project's backers presented new proposals to the assembly aimed to help allay fears about its feasibility.

Core features - including the dramatic slate and steel cladding of the building and the space allocated to the lyric theatre - remained unchanged.

But cost savings were made by changing the internal layout and reducing the height and complexity of the design.

Work was due to start this spring, but assembly First Minister Rhodri Morgan insisted money would not be released until he is satisfied with the centre's business plan.

Back in November it emerged that Cardiff Bay developers Grosvenor Waterside had made contingency plans to sell the 4.7-acre site if building work had not started within 12 months.