Now i360 presented by Cllr Taylor. There may be elements held in private session. We get into politics to do positive things for the city sometimes we have to make the best of a bad held us and "boy have we been dealt with a bad hand" that residents will have to live with #LDreporter #Brighton The project started in 2006 with broad support across the council to redevelop the West Pier area with planning permission granted that year. In 2014 the development included plans for the expensive viewing tower. That was supposed tobe financed by private money #LDreporter #Brighton Private investment was not forthcoming. Then the Green council decided to chance their arm as an investment bank, a venture capitalist and property development, making a risky development. We see across the country piers and arcades that have got into trouble. They took a huge risk. #LDreporter They decided to take out a loan to extend to a private company not public spending. It was clear at the meeting that Labour supported redevelopment of the area but the business case did not add up and were not willing to take the risk with tax payers money #LDreporter #Brighton Former councillors Morgan and Hamilton were pilloried for saying "no" by the Greens supported by the Conservatives. Since then the attraction has struggled to pay the loan. It attracted 2-300,000 visitors a year but the business case was on 7-800,000 visitors #LDreporter The loan repayments were not made. In the summer the company not only struggled to pay the council, but to cover its operating costs. The i360 signalled it was going into administration. There was marketing but no buyers, there was a cooling off period, there was interest but no offer #LDreporter It was with no pleasure that any of us saw the attraction shut and 109 people made redundant at the end of last year, says Cllr Taylor We face a set of relatively unappetising options but it is really important that we make the decision and take the option that this best for the city and I believe what is recommended is the best option. Doing nothing would see the seafront rot and impact on the business, The money would be written off and it would still cost the council. The council could take it on as the main creditor. If that were the case the council would have to plough in tax payers money to get it running again. That is not a risk Cllr Taylor wants to take with taxpayers money, chasing bad money with good and chasing the losses when the council is already in a difficult financial position. There is no offer forthcoming that will take on the debt. It's a bad deal for the city says Cllr Taylor #LDreporter The Green administration didn't want to lose that money, the right thing to do is to put your hands up and say it was wrong and they're sorry. This option I the best thing for the city, restarting the attraction, reemploying staff, playing business rates and attracting visitors #LDreporter The 200,000 visitors a year had an impact on the businesses in the area. There is a small potential for revenue share. This money is essentially gone. We will get a small about of revenue and business rates but it will be £2.2 million a year we will not be getting back #LDreporter We need to wipe the slate clean. The potential operator is excellent and will make a go of it. We need to learn the lessons. We need to start an investigation into what happened in 2014 and whether it was properly thought about. The council cannot make a mistake of this magnitude again #LDreporter We are all angry but this is the best option for the council and the city says Cllr Taylor. Cllr Alan Robins was about in 2014, he remembers being told it was wonderful and the council would make £1million a year for the seafront #LDreporter #Brighton Cllr Robins says he watched back at the YouTube video of the meeting. Cllr Sankey said @warrenmorgan.bsky.social predicted what would happen a "noose around the neck of his future colleagues". We want the city to succeed. The options now are not palatable but is the best option #LDreporter If one was writing a satire of insane council decisions this would be used as the sort of a council completely losing the plot. The problem is this is a massive structure on the seafront. If we do not write off this debt and have a really competent operator to make this work, We will end up with a massive and dangerous structure on the seafront. It's interesting to look at but we cannot lose this whole section of the seafront, it's a prime part, the jewel of #Brighton and #Hove. We need to accept what is done and make the best we can says Cllr Miller #LDreporter Cllr Tim Rowkins says to furnish the debt the i360 would have to pay £8 out of a £20 ticket price. The council is not an investment bank or a runner of tourist attractions. We need to drive thousands of people there, or allow it to crumble at a cost to the taxpayer #LDreporter #Brighton #Hove Cllr Sankey says the issue is one of the most difficult things she has ever grabbled with. It's impossible for any political party that landed the city in this situation to be a party of the left. #LDreporter #Brighton #Hove It is heartbreaking, genuinely sickening to look at the amount of money, the millions spend on this reckless venture. It's not going into the pockets and the futures of the people of this city. Says Cllr Sankey #LDreporter #Brighton #Hove Cllr Sankey said The children, the families that are made homeless because we have so much pressure on the general fund. This money has been taken from the mouths and the pockets of the people of this city. #LDreporter #Brighton #Hove Cabinet is in private session. I typed a whole raft of stuff from Councillor Sankey and forgot to post it hence the delay. And we are back in public session. #LDreporter #Brighton #Hove There is a small amendment to the legal wording on the recommendations and the debt is now written off to allow the sale of the i360 #LDreporter #Brighton #Hove