THE CONSERVATIVES are proposing borrowing £40m to help fund the regeneration of the Madeira Terraces.

They plan to use the money to buy buildings across Brighton and Hove, rent them out to businesses then use the income to provide £8.6m to the restoration of the seafront's struggling seafront arches.

The conservative group's proposals, spearheaded by councillor Joe Miller, would also see litterbugs fined twice the amount they currently are.

Cllr Miller said: "We plan to borrow up to £40m, to expand our asset portfolio by  about 10 per cent from around £280m to £320m.

"This will be funded by borrowing from the government at very low interest rates.

"We will then rent these out to the city’s businesses at a higher commercial rate, with the rental money to pay back the interest and the original asset price bought, over a 50 year period

"But there will then still be a surplus of around £312k a year income which we can borrow against over 50 years to provide over £6.8m capital funds to put into regenerate Madeira Terraces.

"This is what any sensible business will do."
The conservative group also plan to generate £40,000 annually by increasing the amount the council charges litter bugs to the maximum allowed.

People caught spitting, urinating, defecating, littering and graffiti, who are now fined by £75, will be be charged 150.

The group propose reducing the Union Facility Time budget by £40,000 annually.

They also propose cutting the council's communications service by £200,000, who are currently paid "about £500,00" according to Cllr Miller. 

The money would be spent on services for adults with learning disabilities.

Councillor Steve Bell, Leader of the Conservative Group added: "Overall, these are a set of amendments carefully crafted to deal with some of the cities current challenges, which are sensibly and prudently funded which I hope other groups may be able to support."

Brighton and Hove City Council's budget is set to be decided at a meeting being held tonight.