Brighton and Hove City Council has agreed to lend £36.2 million to fund a 175m-tall sea-front tower by Marks Barfield
Councilors have agreed to take out a government loan from the Public Works Loans Board (PWLB) to partially fund the tower which was first mooted back in 2006.
The new funding plan will see the council lend the project £36.2 million, with £6 million raised by the developer and a further £4 million coming from the Coast to Capital local enterprise partnership.
The observation mast, which will lift up to 200 passengers at a time in a circular, heated and air conditioned viewing pod, initially won planning in 2006 before being put on hiatus during the global financial crisis when funding was pulled from the project.
Under current plans the attraction could open in June 2016.
Council leader Jason Kitcat said: ‘This is a crucial project for revitalising our tourism industry and our seafront for years into the future. It will very clearly signal that our city is open for business - both to visitors and investors.
“It will provide an extraordinary and spectacular new centrepiece to our seafront.
‘As well as providing a great view out, it changes the way the world views us - distinguishing Brighton & Hove from competitors and signalling.’