Decision - i360 Loan Restructure

RESOLVED: It was agreed -

(i)            That the Committee noted the advice of GVA contained in Appendix 1.

(ii)          That the Committee agreed to defer the consideration of a formal restructure of the loan to the i360 until its meeting in October 2019.

(iii)         That, during the period of the deferral of the restructure, the Committee agreed to the City Council also deferring interest and repayment instalments necessary to ensure the sustainable operation of the i360, whilst ensuring that all available cash-flow after operating expenses is available to the service the Council’s loan.

(iv)         That the Committee agreed, subject to the performance tests referred to in recommendation 2.5, not to take default action at this stage in relation to the failure to hit the financial ratios set out in the loan agreement.

(v)          That the Committee agrees to defer £880,304.25 of the total payment due on 31December 2018 (£1,492,304.25).

(vi)         That the Committee requested the Executive Director, Economy, Environment and Culture and the Executive Director Finance and Resources to bring this matter to a PR&G Committee meeting in June 2019 to determine the amount of deferral at the end of June 2019.

(vii)        That the Committee agreed to officers monitoring key performance indicators, and that if these fell below the levels set out at section 3.17 then officers may, in consultation with the leaders of the party groups, opt to bring a report to an urgency PR&G Sub Committee, to consider further action including (but not limited to) any of the options set-out by GVA in their work to date.

(viii)      That a comprehensive marketing strategy is developed and published prior to the June 2019 urgency meeting of the PR&G committee.