The Deputy Chief Executive - Place decides as follows:

To enter into a funding agreement with the University of Oxford for funding for the Oxpens River Bridge.

The securing of the funding from the University is required to deliver the Oxpens River Bridge. The terms of the agreement have been negotiated with the University and will enable the funding to be drawn down when required.

The following alternative options were available;

·       Not to secure the funding. This option was rejected as it would result in a risk that there would not be sufficient funding to deliver the bridge.

·       Not to enter into an agreement with the University. This option was rejected as there would not be certainty of the funding being available when required.