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Council gives i360 green light with £36m government loan
Updated 5:42pm Thursday 6th March 2014 in News
The controversial i360 project for Brighton seafront has been given the green light.
Councillors have voted to go ahead with a £36m government loan that will go straight to the developers.
Coast to Capital LEP, a partnership between public authorities and a private company which promotes economic growth, will provide £4 million while developers Marks Barfield will provide the final £6 million to the project.
The council will receive £985,000 a year for 25 years – thought to be worth about £21.2 million in total – £60,000 in business rates and £70,000 in Section 106 payments, which will benefit the local community.
The loacl authority is expected to also get an extra £300,000 income from Regency Square car park, and council-owned seafront properties are expected to increase in price.
And in an added bonus the council would receive 50% of any extra cash created if the attraction does better than expected, to repay the loan early.
For full coverage of the decision see tomorrow's The Argus.
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