ELECTED members in Galway City Council have voted in favour of seeking a €60m loan to fund significant capital investment.
On Monday, a historic investment in capital projects was approved as councillors backed plans to seek a €60m loan to commence transformative projects including sports masterplans and the redevelopment of Galway City Museum.
This sanction follows in-depth discussions between Elected Members and Senior Management of Galway City Council following the local elections in June 2024, to identify key priorities and objectives for the five-year term of this council (2024-2029). City wide priorities were published in a report in November 2024.
Mayor of the City of Galway, Cllr Mike Cubbard (IND) said, “This approval to proceed with this €60m loan application today represents the belief and positivity Galway City Council has in our city – 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”.
Chief Executive of Galway City Council, Leonard Cleary, said, “This capital investment is possible as a result of some difficult decisions by Members in late 2024, to increase the funding available to the City Council through an adjustment in Local Property Tax and Commercial Rates. This decision is now bearing fruit, as we find ourselves in a stable position to apply for a hugely significant investment in capital infrastructure in our city – some new, transformative spaces and cultural facilities such as Galway City Museum, and Masterplans at Kingston, South Park and Renmore; and some core operational projects that sustain and make our city liveable – such as public lighting upgrades following damage from Storm Éowyn, or land acquisition to support further community development.
“Galway City Council is gearing up to deliver these projects – through the establishment of a new Project Development Directorate, on-going recruitment of the specialised people and skills needed to deliver these projects, and preparation for our move to new civic offices where we have the space to expand and accommodate the people we need. The loan sanction today is a statement of our intent for Galway City to remain a world-class city to live, invest, work, or visit, with a significant programme of projects enabled as a result of today’s decision”.
The full list of projects scheduled for investment and enabling works are across all Departments of Galway City Council, and all areas of the city. Many have commenced and are in design/ planning stages. They include, Masterplans at Kingston, South Park and Renmore (land acquisition and enabling works); Woodquay Park redevelopment; Pitches at Millers Lane; New MUGA at Renmore; Delivery of other sports capital projects such as pitch drainage and skate park in Doughiska; Redevelopment Galway City Museum; Upgrades to Cultural Facilities in the City; Public lighting upgrades, following damage from Storm Éowyn and Fit out of new civic offices to accommodate staff.
Following the decision, Galway City Council will now seek formal sanction for the loan from the Department of Housing, Local Government and Heritage , and agreement of loan terms and drawdown with the Housing Finance Agency. The 2026 budget planning process will commence in Galway City Council in Q3 2025, prompting the application process at this point in time.
Repayment of the loan will take place over a 30 year term, with an annual repayment of €3.1 million anticipated.
According to the City Council, the establishment of a capital fund will allow the local authority to maintain momentum and avoid delays in project delivery – for example, as projects move through procurement and into contract stages, or allowing flexibility as projects costs are confirmed. The fund will also allow Galway City Council to seek national and European funding streams to complete proposed projects, where match funding is required.
