THE team behind Hereford’s university has set out the financial details to turn the dream into a reality.

Co-project leader Karen Usher explained how £50m is needed to launch the university- the New Model in Technology and Engineering (NMITE).

Two-fifths of this will come from the government, with two-fifths from industry supporters and the remainder will be borrowed.

The money from the government starts to be released in November for the university which will be focused on engineering.

The rest will then be released gradually and some will be match-funded by industry sponsorships.

Ms Usher said: "In the next few weeks we hope to announce the first set of industry partners."

She said they know "more or less" where the university sites are going to be.

She said: "It has taken a lot of time. We want to get it right. There will be some announcements before the summer."

In 15 to 20 years time they hope there will be five or six academic buildings around the city, ten to 15 sets of student accommodation and at least one research facility in Rotherwas.

Ms Usher said: "It is not just about the short term but the long term.

"It is not just where the first building is going to be but where the first two or three."

She said they have to take a number of things into consideration, including things like traffic.

The first development cohort of students will be in 2018 and the full cohort in 2019.

Ms Usher said: "It is on target as planned. I think that probably it feels like a very quiet period for everyone. It is the proverbial duck- it seems calm above water but underneath it is paddling like mad."

She said the only thing which has taken longer than expected was the release of the government funds.