Extra State funding for Cork event centre 'makes it economically viable', says Tánaiste

Extra State funding for Cork event centre 'makes it economically viable', says Tánaiste

The Tánaiste Simon Coveney has confirmed that the State is to pump a further €10m into the delayed Cork event centre.

Progress on the 6,000-seat venue in Cork city has been delayed as the Government awaited legal advice on whether it could increase its investment from the original €20m to €30m.

The Attorney General has now approved the plans and a decision is due shortly on planning permission for the event centre.

Mr Coveney said the centre can now go ahead.

The Tánaiste said: "The news today is the State has legal confirmation from the Attorney General's Office and from the Department of Arts and Heritage, who are contributing the bulk of this grant aid, that they can actually increase the amount of money that the State is putting into this project from €20m to €30m.

"It makes it economically viable now to build."

However, any cost over-runs from now on in relation to the €74m venue will have to be borne by developers BAM and their partners Live Nation within the existing funding arrangements, the Tánaiste warned last night.

“We now have legal confirmation of this €30m,” Mr Coveney said as he confirmed the long-awaited legal advice from the attorney general to Eoin English of the Irish Examiner last night.

“That’s the limit and it has been the understanding since last January that it is on this basis that things move ahead.

The developer can’t come back looking for more money. It is up to the developer now to manage the costs.

The funding uncertainty was one of the main obstacles facing the project which has become mired in controversy since the sod turning in February 2016, but a planning decision is still awaited.

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