Decision - i360: Covid-19 Support

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Decision details

i360: Covid-19 Support

Decision Maker: Policy & Resources (Recovery) Sub-Committee

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

This report sets out the impacts the Covid-19 pandemic is having on the i360 and proposed steps to support the attraction through the crisis.

Decision:

RESOLVED:

 

(1)             That it be agreed to defer £150,000 from the December 2019 payment in addition to the £880,304.25 which the Policy & Resources Committee agreed to defer on 5thDecember 2019, on the same terms;

 

(2)             That it be agreed to defer the loan payments due in June and December 2020, but request that any funds over and above the cashflow necessary to keep the attraction operational are paid to the Council in part payment of the sums owed;

 

(3)             That the establishment of a pattern of regular meetings and information provision between the i360 management and board and the i360 Member Working Group, as set out at section 3.14 of the report be agreed; and

 

(4)             That it be noted that officers have not progressed the loan restructure or completed the novation of the Coast to Capital Local Enterprise Partnership (LEP) loan agreed at Policy & Resources Committee in December 2019 due to the impact of the Covid-19 pandemic on the i360 and that they will progress these once the attraction is able to reopen.

Report author: Max Woodford

Publication date: 24/06/2020

Date of decision: 24/06/2020

Decided at meeting: 24/06/2020 - Policy & Resources (Recovery) Sub-Committee

Accompanying Documents:

 


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