Cork councillors urged to seek €40m loan for public works

Cork’s City councillors have been asked to consider seeking ministerial approval for a €40m long-term loan to fund public works such as road and footpath repairs.

However, a suggestion that the loan repayments could be linked to agreed increases in the city’s local property tax rates (LPT) has already sparked opposition.

Council chief executive Ann Doherty has discussed the broad outline of the proposal with party whips and declined to discuss it in detail while it is still being considered by councillors.