Today marks the launch of the crowd funding campaign to set things in motion for the regeneration of the currently closed-down Madeira Terraces. The campaign is initiated by the Brighton and Hove City Council who count on local businesses to get involved organising fundraising activities and offering campaign-related discounts.
The council is looking to collect £400,ooo from the people living in Brighton and Hove before trying to get in other kinds of financial support such as a Heritage Lottery funding and Coast to Capital Local Enterprise Partnership grants. There are a total of 151 arches along Madeira Drive that will be transformed in the run of the project.
VisitBrighton, the city’s official tourism institution, has been chosen to run the crowd funding campaign as it has been working with many local businesses before when promoting Brighton and Hove as a tourism destination.
Apart from the call for a public crowd funding campaign, voices have been raised that the council also dedicates money to the project from its regular revenues.
“Ahead of our lottery funding bid going forward in the autumn, I am proposing that the council commits a million pounds to the project funded from the revenue we get from the i360”, said Warren Morgan.
The Council Leader added: “This will not prevent us from using further capital funding at a later stage, but for this project to succeed we need donations, significant borrowing, private investment, lottery funding and more – the council cannot do this alone.”