Decision details

1.     To approve and commission phase 2 of the Market re-development scheme to include the development of a new building to the rear of the corn exchange and to pursue options for the refurbishment of the currently vacant upper floor.

2.       To extend the total market project budget from £7m to £9.2m, funded by £1.9m from the ERDF and £0.3m from resources set aside for the second phase of the Economic Action Plan, and update the capital programme accordingly.

3.       To accept the award of ERDF grant of £1.9m.

4.       To approve £0.4m of associated highways works, to be funded from savings on other schemes in the Connecting Leicester programme.

5.       To delegate authority to the Director of Planning Transportation and Economic Development to enter into contracts in relation to proposed market works.

The phase 2 consultation programme has supported the proposal to extend the scope of the project. Soft market testing supports the proposition that the enhanced project will be more likely to attract commercial operators.

The successful  ERDF bid creates the scope to cover additional costs incurred on the new buildings.

Additional costs linked to enhanced highways works total £300k.

The option to simply screen the rear of the corn exchange and market a plot of land for sale was considered but felt to be less likely to succeed than developing the shell and core of a new building directly. The latter option also creates scope to bring back into use the upper floor of the corn exchange. 

Options for various road surfacing treatments were considered. The proposed scheme is felt to offer the best mix. A high quality porphyry treatment will be used for the new square and related footways while a mix of complementary materials will be used for the area around the current outdoor market.