Following delegation by the Cabinet to the Head of Corporate property, the Head of Corporate Property now having approved terms of the final contract with Clear Channel will take the decision to award and enter into the bus shelter and advertising concession contract with Oxford City Council receiving fixed annual payments of £320,000 which equates to£5,892,000 over the 15 year contract and with a 20.5% share of the estimated advertising income share which equates to £7,156,000 over the 15 year term. Both annual income figures are assumed to increase by RPI at 3%.

There is an option to extend the contract for an additional 5 years. The total fixed sum would increase to £8,478,000 and the estimated advertising income share would be £9,862,000.

This decision involves spending or saving a significant amount - for this Council 'significant' in budgetary terms is £750,000 or greater in the context of the Medium Term Financial Strategy

The Council will not incur any expenditure.

The financial information is confidential.