Council lost fortune on boom time buys

The devaluation of lands bought for a combined value of over €14m by Louth County Council in the good times was highlighted by councillors at the December meeting of the council.

The question was posed what to do with the lands at Kilkerley, Louth Village and Dunleer whether to hold onto them until values rise again, or sell to voluntary organisations to provide houses for members.

Councillor Tomas Sharkey raised the matter. The meeting heard that a loan was raised to buy the land at Dunleer with the other lands bought out of council resources.

A number of councillors were totally dismissive of the council recouping the costs. Councillor Sharkey claimed that the land in Kilkerley was bought contrary to advice.

Colr Finian McCoy said he wouldn’t blame officials.

The lands were bought in the interest of the people of the county.

Financial Director Bernie Woods said the lands were bought in line with Department policy and in line with the council’s building programme.

There was due to be a re-valuation but the Department hadn’t instructed when.


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