The City Council’s Policy & Resources [P&R] committee approved a loan at its meeting on Thursday from the Public Works Loan Board [PWLB] which will allow the i360 viewing tower to go ahead.
Money from the PWLB is only available to local authorities. The developers, Marks Barfield, will be contributing £6m from personal funds and the Coast to Capital Local Enterprise Partnership [LEP] will be contributing a £4m loan from the Regional Growth Fund [RGF].
The i360 developers have predicted annual visitor numbers of about 730,000 people but it will break even with less than half of this number [see earlier story
]. The steel for the project has already been rolled in the Netherlands and work is expected to start in early summer with completion in 2017.
Green and Conservative councillors on the P&R committee supported the loan with Labour councillors voting against fearing that the burden of debt with a 25 year term was too great a risk.
ECONOMIC PARTNERSHIP COMMENT
Brighton has always been at its best when it is bold.
The Economic Partnership supported the original planning application [passed unanimously by all parties in 2006] and the proposals for the PWLB loan.
Read related items on:
Brighton & Hove City Council