Around 2 years ago Trader Representatives made a presentation to management about possible compensation to traders who were adversely impacted by market renewal.
This followed discussions with UK public market representatives who had experienced similar issues and, at least in the case of one UK market, formulated a comprehensive set of procedures to govern compensation entitlements.
The issue was raised again with management recently and the question of compensation has become one of the major un-answered renewal issues for traders after tenancy guarantees.
Councillor Leppert will present a motion at next Tuesdays Melbourne City Council meeting which in part includes the following:-
“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 (approx. $4 million per year) during the renewal in order to create such a fund; and 4. 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.”
We hope to find out more detail of how this will work in due course.