ITEM OF URGENT BUSINESS - LANCASTER MARKET
Minutes:
(Cabinet Member with Special Responsibility Councillor Barry)
In accordance with Section 100B(4) of the Local Government Act 1972, the Chairman agreed to consider the report as an item of urgent business as a decision was required prior to the next meeting of Cabinet in March.
Cabinet received a report from the Head of Property Services to consider recommendations for the future of Lancaster Market.
The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:
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Option 1: Retain Lancaster Market & invest in improvements as set out in the NCS report |
Option 2: consider relocating the market into the City Museum building |
Option 3: Do no further improvement work to the market |
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Advantages |
This would provide an opportunity to reinvigorate the market and potentially bring in new tenants |
The market would be in an excellent retail location.
A new use which is income producing would be found for the museum building
Letting the market building to a single retailer should substantially reduce the deficit incurred in that building |
There would be no change to the market building although there would have to be money spent on replacing the lighting system as well as other essential health and safety related works as they arise.
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Disadvantages |
There would be a substantial cost to the council and no guarantee that the scheme would be a success or that the council’s existing deficit would be reduced. |
There are substantial costs in undertaking both the works to the museum and to the market hall building.
Appropriate retailers would have to be found for the market hall building.
No direct link to passenger transport or car parking.
The amount of space in the museum is much smaller than in the existing market hall building which could prove to be a problem with traders. |
Reduction in trader numbers could occur as a result of the rent arrears situation.
The council’s deficit could potentially increase as a result of reduced trader numbers as well as ongoing general deterioration of the current market hall. |
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Risks |
There is a risk that reduced numbers of traders would continue in the market as a result of the rent arrears in some cases. This could lead to the market going in a downward spiral prior to refurbishment works being undertaken. |
The main risks are that the market would not be successful in the new location after substantial investment has been made. In addition finding a retailer for the market hall building may prove to be problematical, leading to increased costs for the council in the short to medium term through ongoing rent, service charges and reduced income. |
The council’s deficit could increase significantly |
Option 2 was the officer preferred option: to investigate further the opportunity of moving the Lancaster indoor market into the museum building on Market Square. On the assumption that the Council still desired a thriving indoor market in line with the decisions taken back in March 2010, it was evident ... view the full minutes text for item 109