(1)

the establishment of the Plymouth Science and Innovation Programme is supported as set out in the report and agreement is given in principle to enter into a contract with other members of the proposed Plymouth Science and Innovation Programme Board to establish its precise terms of reference and governance.

(2)

agreement be given in principle to contribute up to a maximum of £1.5 million re-financing to the Tamar Science Park subject to confirmation of the funding set out in the report from partners (as referred to in the written report), satisfactory governance arrangements being established as set out in recommendation 1 above, confirmation of compliance with State Aid rules, and clarification of the precise claw back arrangements;

(3)

agreement is given in principle to the termination of the existing joint venture with the University of Plymouth and the establishment of a new joint venture with the University of Plymouth governing the operation of the Tamar Science Park, as well as an necessary resolutions required as a Member of the Tamar Science Park Board, including amendments to the Memorandum and Articles of Association, to fit in with the new joint venture arrangements, and to prepare the necessary legal documentation to provide the £1.5 million re-financing referred to in recommendation 2 above;

(4)

agreement is given to delegate authority to the Assistant Director of Development & Regeneration (Economic Development) in consultation with the Cabinet Member for Finance, Property, People and Governance to prepare and finalise the necessary legal documentation in relation to all the above matters, including authority to sign any resolutions amending the Memorandum and Articles of Association of the Tamar Science Park.