CORK city councillors have supported a proposal to sell council-owned land on the northside of the city to the IDA for almost €2m.
The land is located at Hollyhill, Knocknacullen West.
It marks the second parcel of council-owned land in the area to be sold to the IDA in under a year.
Last April, councillors voted to dispose of the freehold interest in an area of ground measuring about 3.81 hectares, referred to in a report at the time as ‘Lot A’, to the IDA’s strategic property division for €1.25m.
The report to councillors outlining the proposal stated that the disposal was “required to meet immediate employment needs in the area”.
It said that in discussions with the IDA, it was indicated that further land may be required “to meet short- to medium-employment needs”, and that the council had therefore identified an additional area of around 6.12 hectares for possible acquisition by the IDA.
Councillors were recently notified of Cork City Council’s proposal to dispose of the freehold interest of this parcel of land, ‘Lot B’, to the IDA for the sum of €1,890,000 which is “the best consideration reasonably obtainable, based on an independent valuation by the State Valuation Office”.
Speaking at a meeting of council yesterday evening, Fianna Fáil councillor Tony Fitzgerald welcomed the proposal.
Sinn Féin councillor Mick Nugent also welcomed the proposed disposal adding that he believed it would be “reasonable” to allocate a portion of the proceeds of the disposal to local projects, in particular, the development of a North West Regional Park which he described as “the missing piece in terms of the regeneration of the North West of the city”.
The local authority advised that while it does not have a policy of ringfencing funding from property disposals, councillors have received assurances on several occasions that funding will be provided for the development of a regional park in the ward.