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i360 loan is banked - attraction to open by summer 2016
5:14pm Thursday 19th June 2014 in News
The i360 is ready to go ahead, after the final £36.4 million of funding was banked this afternoon.
The £46.4 million project will see a 162 tall tower built on Brighton and Hove's seafront at the foot of the West Pier, with a viewing tower rising to 138 metres.
Jason Kitcat, leader of Brighton & Hove City Council said: "We are delighted to confirm our funding agreement with the Brighton i360.
"It will be a spectacular observation attraction and is the cornerstone to funding the regeneration of Brighton’s seafront, expected to draw more than 700,000 additional tourists and up to £25 million revenue into the local economy annually as well as more than £1 million to the council during the next two years of construction.
"Longer term the i360 will benefit the city through annual interest payments of over £1million, as well as 1% of ticket sales in perpetuity, as well as creating jobs and investment."
David Marks, creator of the Brighton i360 and the London Eye, said: "We have the opportunity to create something truly unique and of international renown here on Brighton’s beautiful seafront and we look forward to opening the attraction in summer 2016."
The i360 will create 169 jobs.
Today contracts for a loan agreement of £36.2 million to Brighton i360 Ltd, which comes via the council from government agency, the Public Works Loan Board.
No council tax money is being used to fund the project. The profit on the interest from the loan, plus business rates, will earn the council more than £1 million a year.
Coast to Capital Local Enterprise Partnership is making a seven-year loan of £4 million to the project.
Chief exective Ron Crank said: "We immediately recognised the significance of ensuring this iconic project proceeds, enabling Brighton and Hove to remain at the forefront of the UK visitor economy.
"Our Growing Places Fund has been established to support such loan investments and guarantees the creation and sustainability of local jobs."
Glynn Jones, chairman of the West Pier Trust, said: "The West Pier Trust is delighted that financial close has been reached and that work can now start apace on the construction of what will be a truly elegant and exciting addition to the City's shop front, the seafront.
"The i360 is the result of the closest partnership working between the trust, Marks Barfield and the council and Local Enterprise Partnership, who were courageous and had the foresight to invest in the project.
"The i360 will help ensure that the council’s vision for seafront moves ahead. By working in collaboration we will bring to our city a world class attraction which will be a worthy successor in part to the former West Pier.
"By reaching agreement the city has once again continued the process of reinventing itself, demonstrating that is open for business and that it is at the leading edge of tourism for all age groups."
Work to remove the root end of the West Pier and columns on the beach to make way for the project is on track and due to be completed by the end of the month. The main structure of the old West Pier will remain.
Construction work is due to begin in July.
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