Barnet Council plans to put £600,000 of charity money towards the controversial North Finchley arts centre project.
A 28 per cent increase in the council's share of the Tally Ho centre's capital costs to £2.675million brought howls of protest from Conservatives this week.
This takes Barnet's total financial commitment to well over £4million, not including the value of the site, put at anything up to £1million.
At a bad-tempered meeting on Monday, Tories bitterly opposed using £600,000 from the Edward Harvest Charity towards the centre's internal fit-out.
Councillor Brian Coleman, leading the attack, described plans as the "biggest case of smash and grab since Robert Maxwell raided the Mirror pension fund".
Members heard the council's share had risen from £2.075million in July last year as a result of market testing.
Preferred contractor Carillion pulled out earlier this year while its successor, due to be announced within weeks, is believed to have re-examined costs.
Despite this, officers believe it still is a good deal, with the development consortium responsible for any further increases.
Tory leader Victor Lyon accused the council of not acting in the spirit of the 400-year-old charity, describing the arts centre as Barnet's own Millennium Dome.
Councillor Nathaniel Rudolf said: "There will always be additional costs on ambitious projects and that's what is wrong with the Tories in this borough, they have no ambition."
He highlighted paragraph three of the Edward Harvest Charity's objectives, stating: "The provision and support (with the object of improving the conditions of life for the said inhabitants in the interests of social welfare) of facilities for recreation and other leisure-time occupation."
Labour and Liberal Democrat members voted in favour of using charity money, defeating a Tory motion to cap any future spending.
Tally Ho: the public costs:
£2.675million capital costs
£500,000 diverting gas, electricity, sewers and phone lines
£150,000 for changes to bus contraflow
£100,000 for Woodhouse Road car park
£600,000 over three years for administration costs
value of land, possibly worth as much as £1million
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