Decision - Brighton i360

1.                  That it be agreed that Option A referred to in the report is the preferred option, so that the Council would borrow from the Public Works Loan Board (PWLB) and lend a further £21.4M to Brighton i-360 Ltd in addition to the £14.8M agreed in July 2012;

2.                  That the Executive Directors of Finance & Resources and Environment, Development & Housing, after consultation with the Chair of Policy & Resources Committee, be authorised to finalise the revised terms and enter into the proposed loan agreement with Brighton i360 Ltd with a target of financial close by May 2014 and to take all steps necessary or incidental to the completion and implementation of the agreement;

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

4.                  That the inclusion of the loan agreement to Brighton i360 Ltd in the Capital Resources and Capital Investment Programme 2014/15 (and the following two years' capital programmes) to be funded through unsupported borrowing be approved; and

5.                  That the allocation of resources generated by the i360 towards reinvestment in the wider development of the seafront and its infrastructure be agreed.