THE CITY Council is set to discuss plans to take back the ownership and management of the lower precinct and Coventry market.
The authority, which already owns the freehold of the site, is currently in discussions with Royal London Asset Management about taking back a current long-term lease.
A report proposing the council enters into an agreement with Royal London will be discussed at cabinet next week.
Councillors will consider either taking over the whole lease for both the lower precinct and the market, or a part of the lease covering just the market.
After permission is given for an agreement to be entered, due diligence on the two choices will be undertaken and another report will be submitted to the cabinet with a preferred option for approval.
Councillors would then meet again to choose the best option.
A council spokesperson said the leases and occupation of the market traders and lower precinct retailers would be unaffected regardless of which option the authority decided on.
The council’s cabinet member for jobs, regeneration and climate change, Coun Jim O’Boyle said: “City Centre South will be a major step in creating a modern centre, but we also want to make sure we protect our much-loved assets such as the Lower Precinct and Market.
“It makes sense for us as a council so we are in a position to take action when needed and make sure they have a strong and healthy future – just as we are doing with the rest of the city centre and the city as a whole.
“We know how much these sites are valued by local people and we know the history of them and the way generations have shopped at the market.
“This action will allow us to protect that history, combining the best of the old and the best of the new as the city centre evolves and moves forward.”
