That:

(a)        the council establishes, as a private company limited by shares, a joint venture company with the University of Wolverhampton to construct and operate a Cyber Security Centre at Hereford Enterprise Zone;

(b)        the council acquires, for £1 per share, a shareholding in the new company of 19% with the remaining 81% shareholding to be acquired by the University of Wolverhampton;

(c)        the council provides a capital loan, on commercial terms, to the new company of £3.5m;

(d)        the council grants to the new company a long term lease of the site identified on the attached redline plan at the South Magazine in the Hereford Enterprise Zone for best consideration and on commercialterms;

(e)        The Acting Director of Economy and Place, following consultation with the Chief Finance Officerand the Cabinet Member Economy and Communications, be authorised to determine, in accordance with the recommendations (a) –(d) above, the terms of the loan, lease, shareholders agreement and other company documents, the extent of the council’s representation on the Board of Directors and to approve the name and incorporation of the company;

(f)           The joint venture company is added to the council’s register of strategic partnerships and list of outside bodies; and

(g)        The Acting Director of Economy and Place be authorised to take all operational decisions necessary to implement the recommendations (a) –(f) above.