That:

(a)  the stage two submission for the development of student accommodation on Station Approach (appendix 2) be approved and that a 125 year lease with a mutual break option at 50 years be granted to the external finance provider for a premium of £677,300 to enable the construction of student accommodation on the Station Approach site;

(b)  the Project Criteria approved by cabinet on 13 December 2018 for the project to provide student accommodation on Station Approach, are confirmed as having been met as detailed at paragraph 12; and

(c)  funding for the project be provided by M&G Investments with the council acting as guarantor during the operational phases. The Chief Finance Officer has completed legal and financial due diligence on this funding option, including the selection of a preferred funder and the negotiation of final terms, and confirmed that the funding model delivers for the council:

i.              a capital receipt for the leasehold interest in the site that reflects the best consideration that can reasonably be obtained; and

ii.            a best value solution for the project which meets the Project Criteria;

(d)  the council enter into the Nominations Agreement for a period of 50 years as guarantor to Hereford College of Arts and in the first three years of the Nominations Agreement to provide nominations of students to occupy the student accommodation on the Station Approach site; and authority be delegated to the acting Director for economy and place, following consultation with the Cabinet member contracts and assets and the Chief Financial Officer, to enter into all necessary legal agreements and/or the giving of securities or guarantees and take all operational decisions necessary to implement the above within the approved budget.