Decision - Saltdean Lido Restoration

126.1       RESOLVED:

(1)  Agrees to the request from Saltdean Lido CIC and underwrites the shortfall in funding of £1.600m towards the restoration of Saltdean Lido to secure the HLF grant of £4.200m;

(2)  Agrees that if the Saltdean Lido CIC fails to identify alternative sources of funding that the council will provide funding of up to £1.600m pursuant to a funding agreement;

(3)  Agrees that if the council provides the funding of up to £1.600m it shall fund the contribution by borrowing and be included in the capital investment programme;

(4)  Notes the Saltdean Lido CIC have an outstanding loan of £0.220m and agrees to reschedule the loan repayments with a deferment of 9 months as set out in paragraph 7.4;

(5)  Grants delegated authority to the Executive Director Economy, Environment & Culture to agree the terms of the funding agreement and take all necessary steps to implement the recommendations above; and

(6)  That the committee requests that Officers assist the Saltdean Lido CIC by undertaking such activities as they consider appropriate in connection with fundraising for the Lido restoration, including the match funding required to support the HLF grant, and requests that the Executive Director Economy, Environment and Culture bring a biannual report to PRG Committee detailing the progress made.