Decision details

The Cabinet Member with the Economy Portfolio introduced the report (previously circulated) of the Chief Executive requesting that consideration be given to the making of revisions to the terms of the loan agreement between this Council and Market Asset Management (MAM) Darlington.

The submitted stated that in June 2017 the Council agreed to the appointment of MAM Darlington to manage both the Indoor Market and the external markets within Darlington; that significant investment to address the fabric of the indoor market building was required; outlined the loan agreement with MAM; the risks; and the financial, legal and HR implications of the proposal.

Discussion ensued on the establishment of the Board and its membership.

RESOLVED – (a) That the renegotiation of the loan agreement with Market Asset Management Darlington, as detailed in the submitted report, be agreed.

(b)  That the Executive Director Resources and Governance be authorised to finalise the loan agreement.

(c)  That a local Board be established, chaired by the lead member, to oversee the direction of the market and to take back a degree of control in the future of the market.

REASONS – (a) To enable the repayment of the loan.

(b)  The Indoor Market plays a pivotal role in the town centre economy.  Further disruption and a reduction in confidence would have a negative impact upon the current operation of the market.