12 March 2014…..There is a lot of roundup information about the i360 that needs to go into a post here; and no time to organise it at the moment.
People do not believe the i360 will be built. They are incredulous. But only one thing stands in the way of it happening: the Brighton & Hove City Council loan from the Public Works Loan Board which they would lend on to Brighton i360 Ltd at a higher rate of interest in order to make money on the difference. An application has no doubt already gone in. If it is granted then that is it. Game, set and match and a horror on the seafront. If it fails to earn what BHCC expect, then the City is lumbered with ownership of the 1360 and will have to repay the loan from council tax.
A brief summary of issues that concern most people – those horrified to see Brighton & Hove City Council wanting to bail out Marks Barfield’s failed i360 project and to inflict it on the Brighton seafront in order to try to earn money from it – is given within the petition. See this on the Change.org petition page by Clicking this: Please note the link has been altered as it may not have worked properly before.
Petition? Yes. Targetting the Public Works Loan Board, and asking them NOT to lend the requested £36.2m when they consider Brighton & Hove City Council’s application along with the business case from Brighton i360 Ltd. Will it concern them, as it does the public, that the i360 NEVER had full funding from day one of planning consent and lost what it had by 2013?
Will they pay heed to a petition asking them not to give the money? They must if there are sufficient signatories. Please sign the petition. Please give reason for doing so. If you are reading this and do not live in the area, GOOD! Say whether this glass lift cage up a huge pole is your idea of an attraction that would motivate you to visit Brighton in order to go up it. And please email, tweet, the petition link to everyone you know who shares your wish to see this stopped. The jungle drum must beat loudly so those who would sign it actually know it exists.
There are major City regeneration issues which need that money more – the Brighton Centre with Churchill Square and the King Alfred – not to mention Black Rock and unfinished business at the Marina. Developers will be queuing to get their projects backed by a Council loan and it is important to choose projects with care and without great risk.
Developments that attract investors would be the ones to choose. Steal a march on them and borrow to lend at a higher rate of interest to gain the income BHCC so badly needs. But for God’s sake, don’t misuse the opportunity by bailing out losers or the i360. As well as the local press, both the Guardian and the Daily Mail carried articles about the Policy & Resources decision to borrow to lend to get the West Pier Trust off the hook and to bail out Marks Barfield. The comment trails give the thumbs down pretty emphatically. Read them when you have time: