Date of meeting 27 February 2023
COMPOSITE Amendment
I360 Loan
Update
That the relevant changes are made to the recommendations as shown below in strikethrough and bold italics:
Recommendations
2.1 That Committee notes the proposed new strategy for the attraction as set
out at Appendix 1, along with the potential improved financial outcomes set
out in the Part 2 report.
2.2 That Committee reaffirms that the council’s key focus is to ensure the
repayment of as much of the public money that is owed by the i360, as
quickly as possible.
2.3 That Committee reserves the council’s right to step in and enforce it rights
under the loan agreement and security documentation.
2.4 That Committee agree to the commissioning of restructuring experts to
advise the city council with the aim of ensuring that, among other things,
regular and frequent finance updates and cash flow forecasts are provided
by the i360 to the council for monitoring purposes.
2.5
That Committee agrees that the i360 Member Working Group should
closely
monitor implementation of the
first phase of the new strategy over the
summer 2023 season, receiving
advice from the experts appointed under
2.4, above.
That Committee
seeks further details regarding the short-term plan for the Summer
2023 season by the end of May 2023 (or
the first available meeting of P&R after annual Council)
with the expectation that this will demonstrate the likelihood of
repayment progress within 2023.
2.6
That Committee agrees that officers should return to this
committee in
summer 2023 updating on
development and implementation of the summer
2023 business plan, and again in
by the end of October 2023 to report on
performance over the summer 2023
season and consider next steps. That Committee seeks significant
reassurances and an evidential basis for the viability of the new
long-term business plan, including via the i360 Member Working
Group. In addition to reassurance in the short term as per 2.5, it
will also view the monitoring of progress in 2023 as a long-term
indicator, receiving advice from the experts appointed under 2.4,
above.
2.7 The Committee notes that, under the current arrangements, the i360are expected to pay the Council £2.984 million over the next financial year.
2.8. Without prejudice to the Council’s legal right to recover all the sums due to it, the Council requires i360 to pay the Council a minimum of £1 million over the next financial year in order not to add to the Council’s financial burden.
Proposed by Councillor Mac Cafferty
Seconded by Councillors Appich and Bell
Recommendations to read, if carried:
2.1 That Committee notes the proposed new strategy for the attraction as set
out at Appendix 1, along with the potential improved financial outcomes set
out in the Part 2 report.
2.2 That Committee reaffirms that the council’s key focus is to ensure the
repayment of as much of the public money that is owed by the i360, as
quickly as possible.
2.3 That Committee reserves the council’s right to step in and enforce it rights
under the loan agreement and security documentation.
2.4 That Committee agree to the commissioning of restructuring experts to
advise the city council with the aim of ensuring that, among other things,
regular and frequent finance updates and cash flow forecasts are provided
by the i360 to the council for monitoring purposes.
2.5 That Committee seeks further details regarding the short-term plan for the Summer 2023 season by the end of May 2023 (or the first available meeting of P&R after annual Council, with the expectation that this will demonstrate the likelihood of repayment progress within 2023.
2.6 That Committee seeks significant reassurances and an evidential basis for the viability of the new long-term business plan, including via the i360 Member Working Group. In addition to reassurance in the short term as per 2.5, it will also view the monitoring of progress in 2023 as a long-term indicator, receiving advice from the experts appointed under 2.4, above.
2.7 The Committee notes that, under the current arrangements, the i360 are expected to pay the Council £2.984 million over the next financial year.
2.8. Without prejudice to the Council’s legal right to recover all the sums due to it, the Council requires i360 to pay the Council a minimum of £1 million over the next financial year in order not to add to the Council’s financial burden.