Michael McGrath, Ireland’s nominee to the EU Commission, recently remarked that the much-anticipated Cork Events Centre’s additional State funding decision is impending in the upcoming weeks. The centre’s journey first initiated in 2014, with a €20 million State aid tender awarded to BAM Property and Live Nation, and subsequently marked by then taoiseach, Enda Kenny, in February 2016.
The multi-functional venue, capable of accommodating 6,000 guests for concerts and conferences, is scheduled to be established near the South Gate Bridge in Cork city. However, the project, which was scheduled to conclude in 2018, has been involved in various disputes owing to its continued delays.
Last December, a meeting held by the Cork City Council revealed that the project requires supplementary funding due to inflation. BAM Property and Live Nation were initially presumed to be benefitted by €20 million public funds, which later escalated to €50 million and finally to €57 million. Cork City Council has lodged a plea to the Government for additional funds, the sum of which remains undisclosed.
Commenting from Cork, the ex-Finance Minister explained that the case is ongoing. He stated, “There have been numerous discussions with Cork City Council, as they have been the entity negotiating with BAM and Live Nation.”
At present, the project is being supervised by the Department of Housing on the governmental level. “They have undertaken their due diligence and need assurance concerning specific project elements, ensuring full alignment with standard rules and procedures”, he elucidated. He expressed confidence in a decisive decision being reached soon, tentatively by July end.
When questioned regarding potential penalties on contractors exceeding their duration on large state-funded capital plans, McGrath clarified that every contract is a solo contractual agreement.
Finally, Mr McGrath emphasised the Government’s support towards the project. He stated, “We’re firmly supportive of the project, but it is crucial that we spend public money responsibly.”