NAMA to loan s10m to pay for new road
CLASH: Move defended
A DUBLIN council is to get a €10m loan from NAMA for a new link road with "regional economic importance".
The new 4.4km dual carriageway linking the N2 and N3 roads in Blanchardstown will cost €24m to build, and will bring road improvements to some 20,000 people who are working in the north Blanchardstown area.
At a recent Fingal Council meeting, Cllr Ruth Coppinger (SP) questioned why NAMA was getting involved in such a project.
However, senior Fingal official Gilbert Power said NAMA was aware of the significant regional economic importance of the new roadway, which will bring improved access to companies such as Amazon, IBM, Bristol Myers Squibb and pharmaceutical companies, Wyeth and Pfizer.
Also, the road will help in the development of 170 hectares of commercial land in north Blanchardstown.
The road will be paid for in part with a NAMA loan of €10m, as well as a €6m grant from the Department of Transport and a council loan of €5m. The balance will be funded from the council's own resources.
Mr Power said the loan was "a no-brainer" from the council's perspective, as repayments would be made by the council to NAMA as development levies are paid on the benefiting lands.
He said the potential development levies to the council, at a conservative level, was €100m.
The interest rate on the €10m NAMA loan is fixed at 4.25pc.
Fingal councillors welcomed the new road, with many saying it was long overdue.