Report of the Director of Market and Consumer Protection.
The Committee considered a report of the Director of Markets and Consumer Protection regarding the installation of a payment barrier at the front gate of New Spitalfields Market.
The Superintendent of New Spitalfields Market informed the Committee that this report had been approved by the Projects Sub Committee earlier this morning where it was well received by the Chairman.
A Member questioned whether consideration might be given to introducing annual passes which might assist in speeding up entry through the barriers and also encouraging more frequent visits to the site. The Director confirmed that the project would now progress to Gateway 4 and a feasibility study and that this and other options could be considered.
RESOLVED – That Members approve the installation of a payment barrier at the front gate of New Spitalfields Market and note that no City funding will be required. Funds to install the barrier will come solely from New Spitalfields Market resources. £1m of ring fenced money has been set aside in the Market’s funds/reserves. This will easily cover the costs of implementation. Revenue received will replenish these reserve funds before any money is allocated to planned works/improvements or the service charge.