City Council could be liable for 600 thousand euro loan interest

Galway Bay fm newsroom – Galway City Council could be liable to pay 600 thousand euro a year in loan interest now that the Land Aggregation Scheme is ceasing.
At a special meeting of the City Council last evening to discuss the latest housing figures, concerns were expressed about land which was purchased for social housing on the west side of the city.
The land at Ballyburke was bought at the height of the boom to provide social housing, but no building has taken place.
Now it looks likely that the City Council could be liable for interest payments on the loan, which previously had been absorbed by the LAS.
Meanwhile, there are now more than 3 and a half thousand applicants for social housing in the city.