Decision details

The Cabinet Member:

1.    Authorised the Council to transfer land into the joint venture with the Cambridgeshire and Peterborough Combined Authority once established, as set out in the report.

2.    Authorised the Council to enter into a Subscription and Project Management Agreement to enable delivery of the University in Peterborough.

3.    Delegated authority to the Executive Director Place and Economy and Director of Law and Governance to finalise and agree the necessary legal and related documents needed to execute the recommendations above and the approach outlined in the report.

The proposed recommendations will enable the Council and the CPCA to progress the University project for the benefit of the city and its local economy. 

The option to sell the land to CPCA was considered.  However, this was discounted on the basis that it would reduce the funding available for construction of the first phase of the Campus and leave the Council with no direct control or influence over future development. By taking shares in the property delivery vehicle, the Council will have an ongoing interest in the development of the Campus; the ability to receive income from dividend payments on its shares; and to benefit from any private investment made on the Campus e.g. student residences or commercial offices for University spin-out businesses.

None.

None.