Issue - meetings

This report requests approval for £1.5m capital investment into Newgate Market from the Economic Infrastructure Fund (a total bid value of £1.614m).

RESOLVED:       That Cabinet approve a £1.614m investment from the Economic Infrastructure Fund in Newgate Market, phased over the following periods:

£100k (2012/13), 

£1.4m (2013/14)

and to agree a further £114k revenue funding in 2013/14 from the EIF to cover the lost income during refurbishment with a repayment profile as set out in Annex 1 of the report.

REASON:            To position Newgate Market as a unique and high performing asset for the city centre.

Members considered a report which put forward proposals for a £1.5m capital investment into Newgate Market, from the Economic Infrastructure Fund (EIF).

It was confirmed that the proposed investment was to reinvigorate the market to increase footfall and spend and to uplift the appearance of the existing market place. If approved, additional detailed consultation would be undertaken and a steering group established to move the project forward.

The Cabinet Member reported back on consultation undertaken with shoppers and traders which had raised awareness of the proposed investment and asked for priorities for that investment. It was reported that there had been good feedback and suggestions made which would provide a good base on which to move forward. More detailed consultation would be undertaken if investment in principle was received.

The key deliverables, aims of the scheme and the business case were set out at paragraphs 10 and 24 of the report.

Considerations was then given to the following options:

1.        A reduced scheme could be delivered at £1m.  This would have the same key features.  It would, however, omit the repaving and resurfacing work proposed in the full scheme. 

2.        A small scheme could be taken forward, for example, by developing only Areas A and B. 

3.        A bigger scheme could be delivered.  A multi-million pound investment could create a covered market. 

However none of these options were recommended as the £1.5m capital investment was considered a critical element of the city centre action and investment plan being developed  to reinvigorate the future of York’s city centre.

Following further discussion it was

RESOLVED:       That Cabinet approve a £1.614m investment from the Economic Infrastructure Fund in Newgate Market, phased over the following periods:

£100k (2012/13), 

£1.4m (2013/14)

and to agree a further £114k revenue funding in 2013/14 from the EIF to cover the lost income during refurbishment with a repayment profile as set out in Annex 1 of the report. ^1.

REASON:            To position Newgate Market as a unique and high performing asset for the city centre.