Decision - BAi360 June 2019 Payment
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Decision details
BAi360 June 2019 Payment
Decision Maker: Policy, Resources & Growth Committee
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
Purpose:
This report seeks agreement to a sum for the
June 2019 payment from BAi360 Ltd towards the PWLB loan from the
city council. This payment is pending a long term restructure of
the loan expected in Autumn 2019.
Decision:
RESOLVED: That the Committee -
1. Noted the progress being made by BAi360 to return the attraction to a financially sustainable footing.
2. Agreed to defer up to £1.342 million of the total payment due on 30 June 2019.
3. Agreed not to take default action at this stage in relation to the failure to hit the financial ratios set out in the loan agreement.
4. Agreed to inform the Board that any future deferral requests made after December 31st 2019 should at a minimum ensure that any interest payments required by the Public Works Loan Board are borne by i360.
Report author: Max Woodford
Publication date: 18/07/2019
Date of decision: 18/07/2019
Decided at meeting: 18/07/2019 - Policy, Resources & Growth Committee
Accompanying Documents:
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