The future of the Nunnery should become clearer over the next few weeks.
Economic Development Minister Laurence Skelly gave the update while appearing before the Economic Policy Review Committee.
Plans to turn it into a training facility for information and communications technology seemed to be stalling until recently, with financial backing apparently an issue.
But the ?12 million funding target has now been passed, according to Mr Skelly, and much of the investment has come from local sources.
He says more will be revealed to Tynwald members tomorrow, when they'll also get the chance to meet one of the main investors:Clip 1
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