Council seeking to borrow €13.35m. to kick-start major Mayo investments

Elected members of Mayo County Council are being asked to approved the raising of loans totalling €13.35 million to kick-start a number of major investments in the county.

The issue is placed on the agenda of tomorrow's (Monday) meeting of the authority.

The authority wants to borrow €4.150 million over a period of 30 years in energy retro-fit its headquarters at Áras an Chontae, Castlebar, Westport Leisure Centre, Ballina Swimming Pool and Castlebar Fire Station in partnership with the SEAI pathfinder programme.

The total of the four projects is €8.2 million, of which €4.131 million is grant-aided.

The cost of the borrowing in this case is €220,000 per annum over 13 years.

Secondly, the council is seeking to develop a new multi-sport campus with an international standard athletic track and 4G playing fields at Knockaphunta, Castlebar.

The total cost of the project is €12.2 million, for which grant aid of €7.5 million has been approved.

This leaves the council requiring matching funding of €4.7 million, which its is now seeking to borrow at a cost of €245,000 per annum over 30 years.

Thirdly, the council is planning to upgrade and refurbish the entire ground floor of Áras an Chontae, including the council chamber, for a sum of €2.5 million.

The authority is proposing to fund this project by way of a 30-year loan costing €115,000 per annum.

Finally, the council is proposing to borrow a further €2 million to fund the CPO of derelict sites across the county.

The loan will cost €105,000 per annum over 30 years