State funding for Cork Event Centre can be delivered, Tánaiste says

Simon Coveney said today that efforts are ongoing to bring clarity to the funding

State funding for Cork Event Centre can be delivered, Tánaiste says

The Tánaiste says he remains confident that the near €30m in state funding which is required to deliver the stalled Cork events centre project can be delivered.

Simon Coveney said today that efforts are ongoing to bring clarity to the funding and financing of the now enlarged proposed 6,000-capacity venue on South Main St, where costs have soared from around €50m to €80m in the last four years.

It was his first public comment on the status of the funding negotiations since developers BAM submitted new designs for one section of the venue, and provided answers on foot of city planners’ requests for further information in relation to its planning application for the enlarged venue.

A planning decision is expected early next month.

But it emerged last week that with construction inflation running at 7%, the soaring building costs could have implications for the state-aid package and the various public spending code compliance issues linked to that.

Mr Coveney was asked for an update on the funding talks, which are being overseen by Martin Fraser, the secretary general to the Government and the secretary general of the Department of the Taoiseach.

“We have certainly been working on that and we have been doing it quietly in parallel with the planning process.

I’ve always said we want to bring clarity, from a planning perspective and funding and financing perspective at the same time.

“This has been a frustrating process for me and for many in Cork," Mr Coveney said.

“This city needs an event centre. The location is going to be transformative, in my view, for Cork city when it happens and we need to make it work.

“I’m as committed to it now as I’ve been for the last number of years. I know many people have grown frustrated and cynical because it hasn’t been finalised yet.

“There’s a few weeks left in, hopefully, finalising the planning process that’s needed for a much larger events centre than what was originally envisaged,” he said.

When asked directly if he is confident the required funding can still be delivered, he said he is.

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