Crown Square Development is a ‘priority investment’ as Galway City Council approves €60m loan
Galway City Council members have approved seeking a historic €60 million loan to finance a variety of capital projects – including the new civic offices in Crown Square.
At the July council plenary meeting, elected members discussed the allocation of this money into key investments throughout the city but some felt that it didn’t meet the imminent needs of Galwegians.
Investment of the €60 million will enable works cross-departmentally in all areas of the city, and will focus on priority projects laid out by the council for their five-year term including:
Masterplans at Kingston, South Park and Renmore
Pitch drainage and skate park in Doughiska
Redevelopment of the Galway City Museum with Fáilte Ireland
Public lighting upgrades, following damage from Storm Éowyn
Mayor of the City of Galway Cllr Mike Cubbard said that the loan “represents the belief and positivity” of Galway.
He added: “This is a young, vibrant, educated, artistic, Gaeltacht city, with a long tradition as an outward-looking trading port, over more than 800 years of history. This decision is an investment in our future - starting the enabling works for ground-breaking projects including the sports masterplans.”
Exact cost breakdown for each project is unavailable as the council remains in the procurement process for the fit-out of the Crown Square development. It “remains a priority investment.” Finance Director Helen Kilroy said.
This loan comes shortly after the Irish Independent attended a special meeting and site visit to Crown Square where chief executive of Galway City Council Leonard Cleary said any other options but moving council offices into the new development would be “fiscal folly”.
To date, Crown Square has cost the council more than €1.5 million. The building itself has depreciated €8m since it was acquired in 2022 but is estimated to increase in value in it’s 40-year life cycle.
Part of the loan agreed upon will be designated to completing the fit out of the building.
Most elected members said the funding would keep priority projects moving with minimal delays and expand the budget for community investment. However, some councillors expressed concern that the loan, and the focus on the Crown Square development, does not address the city’s most pressing needs.
Cllr Eibhlín Seoigthe said that though the projects listed are important to the city it does not “address the biggest and most pressing need: housing.”
“I can’t vote for this loan because I don’t believe it reflects the people we serve.”
To explain, she added: “The project list kept changing. The costs were kept deliberately vague. And not all councillors were properly briefed. That’s not democratic. That’s not transparent. And it’s certainly not inclusive.”
Cllr Seoigthe’s Social Democrat counterpart, Alan Curran, asked for a deferment due to a lack of adequate time to consider the magnitude of this proposal, as it is one of the largest loans the council has taken.
The repayment term for the loan is projected to be 30 years with an annual repayment of €3.1m. Repayments will be calculated based on the amounts drawn down over the term.
Now, Galway City Council will seek formal sanction from the Department of Housing, Local Government, and Heritage and discuss the terms of the loan and drawdown. The formal application will be processed when the 2026 budget planning commences for the city.