Louth County Council welcome recoupment of land loan legacy debt

Louth County Council are set to fund a series of new initiatives and essential works, following the recoupment of a €45.3 million loan which covered housing site costs from the Department of Housing, Heritage and Local Government.

The recoupment, which was awarded in December 2022, included €35.31 million to repay legacy land loans relating to sites in Louth. A total of €2.9million related to principal and interest on these loans, which were funded from the Revenue account, and €1.5million principal and interest funded from Internal Capital receipts. This combined recoupment allowed the release of funds to the revenue account.

Louth County Council have outlined some of the key area’s which will benefit from the additional funding.

Spending proposals for 2023 include: €200,000 towards Disabled Grants; a €500,000 investment in restoring seven long terms voids to stock; €300,000 on maintenance of boilers and emergency boiler replacements and a further €250,000 towards match funding for the voids programme.

 A number of significant projects are also being funded as a result of the repayment of the land loan legacy debt, including a €1 million investment in the purchase of a key derelict/vacant property; and Dunleer Library, where €250,000 is being invested in the fit out of the ground floor of the former bank building.

Taking in Charge programmes will benefit from a €850,000 boost, which will help in addressing priority cases with unfinished surfaces etc.

A further €250,000 will be invested in climate action initiatives including the acceleration of electrification of the council fleet.

The spending proposals will incorporate workforce planning, with a €500,000 allocation to reinforce ‘outdoor’ staff numbers in areas including Operations, Landscaping and Housing.

 The balance outstanding on loans borrowed for the acquisition of lands at the end of 2022 amounted to €54.26 million. 

 A total of €3.05million of this amount relates to land at Mount Avenue, and is recoupable as it forms part of the land aggregation scheme.

The remaining balance of €51.21 million relates to lands at Ballymakenny, Drogheda, Point Road, Dundalk, Mell, Drogheda and lands at Dunleer.

 In January 2023, the balance on land loans after redemptions amounted to €15.9 million.

Chief Executive Joan Martin welcomed the awarding of the capital grant, saying: “This has been very welcome news for Louth County Council, and has enabled planning for additional investment in a number of key areas over the coming year.”