Decision - Brighton i360 - Decision on Future
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Decision details
Brighton i360 - Decision on Future
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
This report updates Cabinet on the decision of
the board of Brighton i360 Limited to file for administration, the
work done by the administrators to seek a sale of Brighton
i360’s business and assets to new owners through an
administration process. It is recommended the council agree to the
release of its security on the debt owed to the council by Brighton
i360.
Decision:
1) Cabinet agrees to release the security on its £51m loan debt and rolled-up interest to the Buyer. In return, the city council will receive a future share of revenue, as set out in the Part 2 report.
2) Cabinet delegates authority to the Corporate Director for Operations, following consultation with the Cabinet Member for Finance and City Regeneration, to complete negotiations and any legal documentation required to give effect to recommendation 2.1 above.
3) Cabinet agrees to commission an external independent investigation to understand the circumstances of and lessons from the council’s original decision to loan public money to deliver the Brighton i360.
Report author: Max Woodford
Publication date: 24/01/2025
Date of decision: 23/01/2025
Decided at meeting: 23/01/2025 - Cabinet
Accompanying Documents: