Decision - i360 Loan Agreement

(1)               That the structure and terms of the loan that have been agreed to date as set out in paragraphs: 4.2, 4.3, 4.7 and 4.8 of the report be noted;

(2)               That the Director of Finance and Strategic Director; Place, after consultation with the Chair of Policy & Resources Committee be authorised to finalise terms and enter into the proposed loan agreement with Brighton i360 Ltd with a target of financial close by mid September 2012 and to take all steps necessary or incidental to the completion and implementation of the agreement;

(3)               That the Head of Legal and Democratic Services be authorised to complete all necessary documentation and take all necessary action to effect completion of the proposed loan; and

(4)               That the inclusion of the commercial loan to Brighton i360 Ltd in the Capital Resources and Capital Investment Programme 2012/13 (and the following two years’ capital programmes) to be funded through unsupported borrowing be approved.