Brighton i360 tower £15m council loan approved
- 13 July 2012
- From the section Sussex
Developers seeking to build a 600ft (183m) viewing platform on Brighton seafront are to receive a £15m council loan to cover a shortfall in funding.
Planning permission for the i360 tower has already been granted, with the project expected to cost £35m.
Developer Marks Barfield has raised £18m and the Coast to Capital Local Enterprise Partnership has loaned £3m.
Brighton and Hove councillors agreed to fund a £15m loan so work on the structure could begin in the autumn.
Architect David Marks, of Marks Barfield, said: "This is fantastic news. The unanimous decision to provide the loan to the i360 means that the project is now off the ground, it's launched and we're going to get on with it as quickly as we can.
"Obviously we've got a lot to do before we can actually draw down the money but we're on to it."
The developers believe the tower will attract up to 800,000 visitors a year and plan to repay the loan with the profits from the structure.
The council previously said the loan would be a "business and regeneration proposal by the council, not an act of charity".