The team behind plans to transform the Nunnery into a technology training centre says the ball is now firmly in Tynwald's court.
The £12 million required to get the project off the ground was raised by the business-focused charity the Manx Educational Foundation several months ago.
The matter now needs to be debated politically and a decision reached about the sale of the government-owned site.
Last week Economic Development minister Laurence Skelly told a Tynwald policy review committee a number of local investors had helped the group reach its financial target.
A deadline set for the Foundation to raise funds for the project to progress has been twice extended by DED.
MEF director Kurt Roosen says the group is ready to take the next step, but now needs the go-ahead from the government:
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