Cork councillors reject €40m loan plan to fund repairs and upgrades

Plans for a €40m long-term loan to fund repairs and upgrades to Cork City’s public realm have been shot down.

Councillors rejected city council chief executive Ann Doherty’s idea, first reported by the Irish Examiner two weeks ago, because the annual repayments would have been linked to possible increases in commercial rates or local property tax rates.

Ms Doherty spelled out her proposal in a detailed report to councillors during an in-camera council meeting last week. She said investment in the city’s public realm had declined in the last decade as a result of the economic downturn, and the deterioration in the condition of roads and footpaths had led to increased compensation payouts.