The funds - from the EU/BMW Regional Assembly - are for the Model's major redevelopment project, which is currently underway, and due for completion at the end of this year.
It is estimated the award will contribute to the creation of an additional 23 construction jobs.
Seamus Kealy, Director/Curator, said: "These funds are a radical boost to our local economy and for the future of Sligo.
"The monies will ensure that we can meet many of our operational goals to have one of Ireland's most unique and state-of-the-art cultural facilities. The Model will be the place to be in Ireland for all audiences."
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The Model is currently undergoing a major redevelopment, with a reopening due in spring 2010.
This redevelopment will increase The Model in size and operations by one third.
Programming and operations will expand to include a full-time, international cinema programme, to include nine new artists studios (including a residential studio and a music rehearsal studio), to house a 250 seat, purpose-built performance space, to include a destination restaurant, and to continue housing one of the country’s most significant art collections.
Upon re-opening, it will further develop itself as a cultural hub for audiences from all walks of life by further implementing these programmes with expanded facilities.
The award recognises the vision of Sligo County Council in leading this important development for the Gateway City, and will reinforce the Model's position as an iconic cultural centre and leading visitor attraction.
It illustrates significant confidence in the project, and illuminates Sligo as a 'Gateway City', providing substantial investment in the region.
(BMcC/KMcA)
