GALWAY City Council has confirmed that officials in the Department of Housing, Local Government and Heritage now have “all they need” to progress the draw down of a €60 million loan approved earlier this year to fund major capital projects.

Speaking at this week’s Council meeting, Director of Finance, Helen Kilroy, told elected representatives that the Department has the necessary project cost details, allowing the loan to be drawn down in due course.

“We have submitted applications to the Minister’s office for loan sanction for each project individually, as requested, and we have completed that,” she said.

“In discussions with the Minister’s office, it was confirmed that the process is in train. They have all they need, and we will receive the funds in due course.”

The loan, to be sourced from the Housing Finance Agency and administered by the Department of Housing, will be repaid over 30 years at an interest rate of 3.35%, with annual repayments expected to total €3.1 million.

Galway City Council is seeking formal sanction for the loan from the Department, as well as agreement of loan terms and drawdown arrangements with the Housing Finance Agency.

At the meeting, Cllr Níall McNeilis (Lab) requested an update on the loan, which is intended to fund a range of investments including the fit-out of the Council’s new headquarters at Crown Square.

The Council purchased the building in late 2022 for €44.5 million, including VAT and stamp duty.

Galway City Council has published the tender for the fit-out of its new civic offices, marking the start of the final phase in delivering the workspace at Crown Square.

The tender has been made available to the four contractors who were previously shortlisted for the project.

Once tenders are submitted, a dedicated expert assessment team will carefully evaluate each proposal to ensure it meets all procurement regulations and standards.

The Council expects the tender process to be completed by the end of this year, with the successful contractor beginning work on-site in early 2026.

With the Department of Housing now in possession of all necessary project details, Galway City Council anticipates the drawdown of the €60 million loan in the near future, ensuring that major capital projects across the city can continue as planned.

The broader capital programme includes the redevelopment of Galway City Museum, upgrades to public lighting, improvements to road infrastructure, and the development of new and enhanced sports facilities.

■ Funded by the Local Democracy Reporting Scheme.

Pictured: The City Council’s new headquarters at Crown Square, Monivea Road, will be among the projects to be funded by the €60 million loan.