Durham County Council have calculated that it will take two full-time officers to fulfil this requirement.
Durham County Council said it regretted the decision by Durham University to pull out of the scheme.
The exhibition has been arranged by Durham University with Durham Cathedral, Durham County Council and the British Library.
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Mr Smith, a former chief executive of Durham County Council, said those supporting him expected nothing in return.
The North East Local Enterprise Partnership (LEP) has agreed to the funding days after Durham County Council pledged the same amount.
BBC: Durham County Cricket club gets ?2.8m loan before Ashes
But Durham County Council spokesman, Ian Thompson, said negotiations were dragging on and the sale "made sense" in the "current climate".
Terry Collins, of Durham County Council, described it as a "dangerous location".
Bob Pendlebury, Durham County Council's cabinet member for environment and transport, says they will only look at closing the ford as a last resort.
Durham County Council has agreed the deal in principle with the club, which will host an Ashes Test for the first time this summer.
The riverside footpath has been closed while Durham County Council carries out stabilisation work, and the river itself is being dredged to remove flood debris.
The revamp coincides with Durham County Council's redevelopment of the town.
Durham County Council's cabinet agreed the changes following a major consultation.
Durham County Council said "significant budget savings" had to be made.
BBC: Middleton Centre may be closed by Durham County Council
The torchbearer event was being organised by Durham County Council.
BBC: Durham Cathedral torchbearer event halted because of snow
Durham County Council said in a statement that the allowance paid to their chairman was not a "clothing allowance" but was "to cover expenses associated with this important ceremonial role".
Now the chairman of the task force, which comprises various bodies including regeneration agency One NorthEast, Durham County Council, and Wear Valley District Council, says it should not be expected to create new jobs.
BBC: NEWS | UK | England | 'Jobs not our job' says task force
The exhibition is being also being organised by Durham Cathedral, the county council and the British Library.
Durham county councillors have agreed to freeze Council Tax for the fourth consecutive year.
An outdoor activity centre for school children in County Durham could be closed because of council cuts.
BBC: Middleton Centre may be closed by Durham County Council
Durham Cathedral was due to hold the service on Saturday during which torchbearers were to receive certificates from the county council.
BBC: Durham Cathedral torchbearer event halted because of snow
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