There were no apologies for Absence.

The Chair welcomed new Members to the Committee. 

Market Traders introduced themselves to the meeting.

There were no disclosures of interest.

To submit for signature the minutes of the meeting held on 25 January 2011.

The minutes of the meeting held on 25^th January 2011 were submitted and signed.

Report of the Managing Director on Charter Place Development and Watford Market

Rates

Mr Gallagher introduced himself and the two other attendees from the Valuation Office Agency (VOA).

He advised that the VOA had been responsible for the review of rates at the Market and explained the process of assessment.  He gave details of methods for the calculation of rates for market stalls and advised that Watford Market fulfilled the criteria for separate assessment for individual stalls rather than assessment of the market as a whole. 

Mr Gallagher then advised that there would be discussion with Market Traders prior to changes in rates.  He said that it was considered important that Traders had time to challenge the calculations and to query the ratings.  He added that staff from the VOA would be willing to meet with Traders to discuss individual assessments. 

Members of the Committee noted that the charges would be almost three times the previous amounts and asked how these charges had been calculated.

Mr Royal assured the meeting that where the calculation was found to be incorrect they could be altered.   A period of time would be allowed for discussion in order to address Market Traders’ concerns and to ensure that the calculations were correct.  Mr Royal considered that there was an increase of approximately 50% and noted that the sum for the Market as a whole was greater than the aggregate for individual stalls.  He explained that in other markets in the country there had been mitigation by the council concerned whereby rents had been reduced and the rates had been subsidised. He added that traders could apply for small business rates relief if appropriate.

The Chair pointed out that the Market was currently running at a loss for the Council.  It would be necessary that rate relief would come from the Council Tax ‘fund’ which would impact on savings.

Grant Adams advised that indications were that the Rateable Value for each stall would be £950 which would impact on the occupancy rate of the Market.    He acknowledged that the market was running at a loss and noted that this move would worsen the deficit since the Council was liable for void stalls.  Were Traders to ask for a reduction in Rates, the Council would be doubly affected.

Mr Gallagher explained how calculations were determined.  He advised that rates were based on the net rental figure for stalls.  He added that where separate assessments were in place, councils had no liability for payment.  Individual stall holders, however, could be eligible for rate relief if certain requirements or conditions were met.  He counselled that traders must apply for the relief and that it was not granted automatically. 

Michael Rockman asked how calculations would be made were a trader to regularly add to or decrease his number of stalls. 

Mr Gallagher confirmed that separate assessments would be made on each of the stalls.  The Council’s Business Rates section would make the necessary changes to occupancy and inform the VOA.  Mr Royal added that this was not usually an issue and would  ...  view the full minutes text for item 4.

• Tuesday 11 October 2011

The next meeting would be held on Tuesday 11 October 2011.