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The Council is entering into a long-term partnership with a private sector funding partner to deliver the Oxpens development strategy. The Oxpens development is a strategic priority in the Oxford City Deal and the Oxfordshire Strategic Economic Plan and unlocks major private sector investment and jobs as well as delivering significant wider benefits including: essential business space and accommodation for new and growing enterprises and services which require links to the universities and service economy, city centre regeneration linked to major investment committed at the railway station and Westgate (500 000 000 GBP redevelopment now under construction), transport improvements and flooding infrastructure which are essential to enable the city's economy to grow, providing a platform for wider regeneration including employment areas near the station and Osney Mead, and supporting redevelopment around Frideswide Square, providing new market and affordable housing (over 300 homes), and visitor accommodation. The intention is that the development would be owned by the joint venture vehicle. The Council is entering into a joint venture vehicle with Nuffield College where the parties co-invest in a new delivery vehicle sharing risk and reward. This is a joint venture vehicle to support the delivery of the development strategy. The Council is not purchasing any goods,works or services from the partner.