A resolution on the granting of emphyteusis of the Valletta market structure to Arkadia Ltd for 65 years was unanimously approved by Parliament’s National Audit Office Accounts Committee.

Parliamentary Secretary Michael Falzon told the committee that only four bidders had submitted proposals, adjudicated by the Valletta Market Project Advisory Board. Besides the location’s use as a food market, the successful bidder had entered into a memorandum of understanding with the Arts Council for the inclusion of a cultural component with an eye to Valletta 18.

Opposition deputy leader Mario de Marco pointed out that the three original principles of the project were the restoration and image, the operation of a food market and other ancillary services and facilities. But the proposed contract included no definition of what was a food market. The list of uses included was not exhaustive. The bidder’s proposals were not reflected in the contract.

Dr Falzon said no other use would be permitted if not included in the contract as a binding instrument. The required amendments to reflect this were included and approved.

Government Property Division architect Duncan Mifsud said the emphyteuta would invest €5 million for restoration this year, €2 million in 21 years and €2 million after 42 years. He also said clarifications were needed on the relationship between per diem penalties and the value of ground rent in the event of shortcomings by the bidder.

Arkadia is expected to make a presentation at the committee’s next sitting.