Decision - Brighton i360

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Decision details

Brighton i360

Decision Maker: Policy & Resources Committee (pre 2015)

Decision status: Information Only

Is Key decision?: No

Is subject to call in?: Yes


An update on negotiations with regard to the i360 loan agreement and a proposal to secure a start on site in Spring 2014 with an accompanying income stream to support seafront infrastructure works.


1.                  That it be agreed that Option A referred to in the report is the preferred option, so that the Council would borrow from the Public Works Loan Board (PWLB) and lend a further £21.4M to Brighton i-360 Ltd in addition to the £14.8M agreed in July 2012;


2.                  That the Executive Directors of Finance & Resources and Environment, Development & Housing, after consultation with the Chair of Policy & Resources Committee, be authorised to finalise the revised terms and enter into the proposed loan agreement with Brighton i360 Ltd with a target of financial close by May 2014 and to take all steps necessary or incidental to the completion and implementation of the agreement;


3.                  That the Head of Legal & Democratic Services be authorised to complete all necessary documentation and take all necessary action to effect completion of the proposed loan agreement;


4.                  That the inclusion of the loan agreement to Brighton i360 Ltd in the Capital Resources and Capital Investment Programme 2014/15 (and the following two years' capital programmes) to be funded through unsupported borrowing be approved; and


5.                  That the allocation of resources generated by the i360 towards reinvestment in the wider development of the seafront and its infrastructure be agreed.

Report author: Katharine Pearce

Publication date: 06/03/2014

Date of decision: 06/03/2014

Decided at meeting: 06/03/2014 - Policy & Resources Committee (pre 2015)

Effective from: 21/03/2014

Accompanying Documents:


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