Brighton & Hove City Council
Information Rights Team
Room 233
Hove Town Hall
Norton Road
Hove
BN3 3BQ
Rob Heale
FOI Reference: 11579065
Direct Dial: 01273 295959
Email: xxxxxxxx@xxxx.xxxxxxxxxxxxx.xxx.xx
Date: 22 September 2022
Dear Rob Heale
Freedom of Information Act 2000
Thank you for your request for information to Brighton & Hove City Council (‘the
council’) that was received on 30 August 2022. We have now processed your
request and our response is below.
Your request:
Dear Brighton and Hove City Council,
The i360 are due to pay Brighton and Hove City Council for the Capital
and Interest owing on the loan made to them in 2014/15. This follows the
Legal Agreement made by the Council with i360Ltd to make repayments
every 6 Months for the original Loan of £36.2MILLION in addition to the
added £4MILLION from the Loan transferred from Coast to Capital (L.E.P.).
Please answer the following questions under the Freedom Of Information
Act so that the Citizens of the City know the financial situation.
1. What is the CUMULATIVE "DEFERRED" AMOUNT owed to the Council
by i360Ltd at December 2021 AND June 30th 2022 (With and without the
added £4MILLION).
2. What payments are currently being made to the Public Works Loans
Board (P.W.L.B.) as a result of the Loan Agreement between i360Ltd and
Brighton and Hove City Council for:-
-2021 (JUNE 30TH AND DECEMBER 31ST)
-2022 (JUNE 30TH)
Please give these response in a clear and user-friendly format, in columns
such as basic Excel.
Thanking you in anticipation.
Our response:
In processing your request we liaised with colleagues within Finance as they
would hold the information in relation to your request were this information to be
held by the council.
We can confirm that the information you have requested is held by the council
but is exempt from disclosure for the reasons detailed below.
Under section 21 (1) (
Information accessible to the applicant by other means) of
the
Freedom of Information Act 2000 (the Act), we are not required to provide
information in response to a request if it is already reasonably accessible by
other means and even if there is a charge or fee to obtain this information.
Brighton & Hove City Council agreed a revised loan structure with i360Ltd at its
Policy and Resources Committee meeting on the 7th July 2022 which
consolidated all outstanding debt including the debt novated from the Coast to
Capital LEP.
The report is available here:
Brighton & Hove City Council - Agenda for Policy &
Resources Committee on Thursday, 7th July, 2022, 4.00pm (brighton-
hove.gov.uk)
Agenda item 12
1. The cumulative deferred payments as at 31/12/2021 excluding the
£4.060 million novated from coast to Capital LEP was £10.104 million.
As at the 30th June 2022 this had increased to £10.896 million. However
all outstanding debt has now been consolidated into a new loan
agreement with a revised repayment structure where all available cash in
the business is taken by the council to repay the loan for the next 5
years.
2. The loans the council entered into relating to the i360 Ltd from the Public
Works Loan Board all have the same end date and are based on annuity
i.e equal payments that include repayment of the loan and interest.
These repayments are £0.922 million every 6 months including
30/6/2021, 31/12/2021 and 30/6/2022.
Please quote the reference number
11579065 in any future communications.
If you are dissatisfied with the handling of your request, you have the right to
ask for an Internal Review. Internal Review requests should be submitted within
40 working days of the date of receipt of this response and should be
addressed to:
xxxxxxxx@xxxx.xxxxxxxxxxxxx.xxx.xx
or by post to the address at the top of this letter.
If you are still dissatisfied with the Council’s response after the Internal Review
you have a right of appeal to the Information Commissioner at:
The Information Commissioner's Office
Wycliffe House
Water Lane
Wilmslow
Cheshire SK9 5AF.
Telephone: 0303 123 1113
Website:
www.ico.org.uk
We will now close your request as of this date.
Yours sincerely
Information Rights Team