Decision - Preston Barracks Redevelopment

(1)               That the proposals submitted to the council by the University and Cathedral, and the considerable progress that has been made during the past 3 months, progress which suggests a financially viable solution is in reach be noted, and the Project Board’s view that negotiations should continue be supported;

(2)               That the financial offer made to the council by the University and Cathedral, and their proposals to work in Joint Venture to acquire the freehold of the Preston Barracks site from the council be noted, and the principles of the financial offer and the deal structure that supports this as the basis for further negotiation be agreed;

(3)               That the draft Heads of Terms in the Part II Appendix and the current state of play regarding ongoing negotiations be noted;

(4)               That the Executive Director for Finance & Resources, Executive Director for Environment, Development & Housing and the Head of Law be authorised to continue negotiations as directed by the Project Board, and that the outcome of these negotiations should be reported to a future meeting of the Project Board for endorsement prior to completion; and

(5)               That subject to (4) above, the Head of Law be authorised to complete the required suite of documents in consultation with the Executive Director for Finance & Resources and Executive Director for Environment, Development & Housing.