CRS / Phase III FM station set up

[jenga]

I'm completely new to this but am interested in setting up a Community Radio station. I've read up on it and from what I understand - individuals can't set it up but an educational institution can - am I right? I'm also interested in knowing more about the Phase III FM bidding going on. To be eligible for that, do you have to already have a FM station? Or can a complete newcomer participate? I want to set a private FM station in the North East but it's difficult to know exactly where to start and what can/can't be done. Any help/guidance would be greatly appreciated. Thanks!