Monday 20 November 2017

Where cash will come from to pay for project

CONSTRUCTION work on the new Grangegorman campus is going ahead, despite the challenge facing the Grangegorman Development Authority (GDA) to raise finance.

The €500m project involves renovating 11 buildings and building another 40.

The Government had committed about €80m to €200m in upfront grants and a further €120m through public-private partnership projects.

About €40m to €50m of state funding was expected to be committed this year, but it fell victim of the clampdown on capital spending.

The balance of the funding is to be provided by DIT from the sale of properties around the capital, such as in Kevin Street, Cathal Brugha Street and Aungier Street, along with private donations and the use of savings. Some 14 of 39 buildings currently occupied by DIT are owned by the college.

But GDA chief executive Michael Hand said that with planning permission secured, the campus was now ready to go, and if mooted plans by the EU to provide a stimulus package were realised, the Grangegorman project was ideally placed.

DIT Director of Student Services, Dr Noel O'Connor, said DIT would soon announce a significant seven-figure donation from a private benefactor.

And as leases on existing buildings come up for renewal, DIT will leave those properties, which cost several million every year to rent, and use that money to help raise finance.

Irish Independent

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