(i)    that the Council submits an application to the EU Competiveness programme for a £2.5million grant for match funding;  and

(ii)  that subject to the business case referred to in the minute of the Adjourned Annual Council held on 16 May 2012 being approved:

(a)          the Council enters into the proposed land swap with Deeley Freed with regard to the Council’s site at Whiterock, currently used by PLUSS Ltd. The agreement of terms to be delegated to the Chief Executive in consultation with the Mayor, the Executive Lead for Finance and the Chief Executive of the Torbay Economic Development Company; and

(b)          the Council leases the proposed innovation centre site to the Torbay Economic Development Company Limited. The agreement of lease terms to be delegated to the Chief Executive in consultation with the Mayor, the Executive Lead for Finance and the Chief Executive of the Torbay Economic Development Company.