Image: The new i360 tower overlooking BrightonMarks Barfield's plans for a new 175m (574ft) tower attraction in Brighton, UK, have been given a boost after a £15m (US$23m, EUR19m) loan was agreed by the local authority.
Brighton and Hove City Council's decision comes after a two-month risk assessment of the loan plan, with the funding to be borrowed under principles laid down in
localism.
The loan will come from external funders and will be lent on for the sole purpose of driving forward the i360 project, which is expected to provide a boost to the local economy.
Council leader Jason Kitcat said: "This is a hugely exciting project and a great opportunity which will reap benefits for the immediate area and the city as a whole.
"We feel this is a tremendous leap forward because it uses external funding to provide a huge boost to our economy and create hundreds of jobs for local people."
Marks Barfield, which was behind the construction of the London Eye, has secured funding worth £20m (US$31m, EUR25.5m) towards the development of the proposed i360.
A £3m loan (US$4.7m, EUR3.8m) from the Coast to Capital Local Enterprise Partnership completes the £38m (US$59m, EUR48m) package required to deliver the new attraction.
Construction work had
initially commenced in late 2008 and it is thought that up to 800,000 tourists will visit the tower a year, worth more than £5m (US$7.8m, EUR6.4m) to the city.
The local authority is also expected to receive 1 per cent of ticket revenues and interest on its loan, which will be repaid over 12 years using i360 profits generated by the developer.
Details:
www.brighton-hove.gov.ukDetails:
www.brightoni360.co.uk
