Murray's Motorcycle Museum, at the Bungalow, is to be given a new lease of life for TT 2007.
The Department of Tourism and Leisure is to make use of the building for TT events and displays.
A suggestion by Michael MHK David Cannan that the reconstruction work might cost seven million pounds was dismissed out of hand by Chief Minister Donald Gelling.
He told Tynwald any redevelopment on the site for the future would have to be commercially funded:
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