Decision - i360 Loan Agreement
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Decision details
i360 Loan Agreement
Decision Maker: Policy & Resources Committee
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
This report updates on the latest position
with regards to the i360 reopening after lockdown, and seeks
deferral of the June 2021 loan repayment due to the lack of
cashflow to the attraction in the last year as a result of the
Covid-19 crisis.
Decision:
RESOLVED:
(1) That it be agreed to defer the loan payment due in June 2021, 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;
(2) That the ongoing meetings and information provision between the i360 management and board and the i360 Member Working Group be noted;
(3) That it be noted that the terms of the loan restructure, agreed in December 2019, should now be implemented ahead of the December loan repayment, and that confirmation of the final detailed terms of the restructure will come to this committee for confirmation before that payment becomes payable; and
(4) That it be noted that officers have progressed the novation of the Coast to Capital Local Enterprise Partnership (LEP) loan agreed at Policy & Resources Committee in December 2019 and that execution of the agreement is imminent.
Report author: Max Woodford
Publication date: 02/08/2021
Date of decision: 01/07/2021
Decided at meeting: 01/07/2021 - Policy & Resources Committee
Accompanying Documents:
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