We reported in a previous article that City Council was to consider a proposal to set up a compensation fund for QVM Traders impacted by renewal. A meeting was conducted yesterday (Tuesday 30/8/2016) and the Council resolved -
- Notes the amendments made by management to the Queen Victoria Market Precinct Renewal Implementation Framework (Attachment 1 of the report from management) as directed by Council at its previous meeting, and endorses the final Implementation Framework as amended.
- Recognises that the successful implementation of the master plan will require frequent, detailed and genuine discussions between Queen Victoria Market management and traders, and requests a full briefing to Cr Forum setting out the proposed handling of such discussions as well as the status of the Queen Victoria Market Retail Strategy.
- Endorses in principle the establishment of a compensation fund for the purposes of providing licence fee relief for traders whose income is demonstrably affected by the Queen Victoria Market renewal, and indicates a willingness to forego the annual return to Council from Queen Victoria Market (up to approx. $4 million per year) during the renewal in order to create such a fund.
- Requests management to work with the management of Queen Victoria Market to propose a suitable framework and mechanisms for a compensation fund for market traders.