independent

Thursday 23 October 2014

Meeting set to discuss 'doomed' development

BOROUGH COUNCIL WILL MEET DEVELOPERS CALLSIDE

MICHAEL MORAN

Published 13/11/2012 | 12:21

A computer-generated image showing the Wine Street car park development – now unlikely to go ahead.

SLIGO BOROUGH Council will meet with the receivers of Callside, a subsidiary of liquidated Treasury Holdings, to discuss the status of the multi-million-euro town centre development at the Wine Street car park this week.

Sligo Borough Council has also requested legal opinion as it appears the shopping centre development looks doomed.

At the monthly meeting, acting director of services Paul R. Gallagher said Callside was in receivership, but not in liquidation.

The Borough Council's partnership was with Callside.

She said the interests of Sligo Borough Council would be protected to the best of its ability.

In response to Mayor David Cawley the acting director confirmed that Callside was a 100% subsidiary of Treasury Holdings, with the same directors. She repeated that it was not in liquidation at this time.

The mayor said that Treasury are guarantors for Callside.

Clr Jude Devins asked when the "end game" would be reached and when there would be some positive action. He said: "I don't believe there is anyone in Sligo town or county who sees this going ahead."

Clr Devins asked what the timeline for escaping "this mess" would be.

The acting director of services said it was anticipated that some definitive action would take place before the end of the year.

In response to Clr Jim McGarry, Ms Gallagher said Treasury could list the Wine Street car park as a potential development agreement in its assets.

Ten years ago, the Borough Council signed over the car park area to Callside.

The acting director said the Borough Council never divested its interest in the car park.

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