Council invested 57 million in joint venture with Carroll

eamonnm79

http://www.irishtimes.com/newspaper/frontpage/2009/0730/1224251671885.html?via=mr

"DÚN LAOGHAIRE-Rathdown County Council has moved to protect its €57 million interest in a joint venture with the troubled property developer Liam Carroll."



Sooooo many questions.
But the biggest one has to be...
Why would a council buy Zoned land when they could just by non zoned/agricultural land for way less and then just rezone it?

Not going to pass juggement yet till I know more facts

Fratton Fred

it looks like this goes back to 1997, was cherrywood zoned land then? it seems like only a few years ago it was just wheat fields.

eamonnm79

I dont think you could pay 57 Million for 1/3 of that amont of land at Agricultural rates, even in Dublin.

jmayo

Slightly off topic but along the same vein.
Why did a state quangoe (DDDA) invest in the Irish glass botle plant in Ringsend with that fine fellow McNamara, loans being funded by Anglo ?
It probably had nothing to do with fact two DDDA board memebrs were Anglo people :rolleyes:

The whole system stinks to the very core and when the sh*** starts hitting the fan that is when all the little deals come to light.
Then we find out who hasn't any clothes.

eamonnm79

jmayo wrote: »

Slightly off topic but along the same vein.
Why did a state quangoe (DDDA) invest in the Irish glass botle plant in Ringsend with that fine fellow McNamara, loans being funded by Anglo ?
It probably had nothing to do with fact two DDDA board memebrs were Anglo people :rolleyes:

The whole system stinks to the very core and when the sh*** starts hitting the fan that is when all the little deals come to light.
Then we find out who hasn't any clothes.

That seems very much on topic to me.

Fratton Fred

eamonnm79 wrote: »

I dont think you could pay 57 Million for 1/3 of that amont of land at Agricultural rates, even in Dublin.

I read it that they invested in the company to help fund a science park. Now the company has gone tits up, they want to ensure that their third of the assets are safe, albeit they still stand to lose a shed load of money.

If the 57m helped build Cherrywood then it was a wise, but very costly investment, i think it has brought a lot to the area.

eamonnm79

Fratton Fred wrote: »

I read it that they invested in the company to help fund a science park. Now the company has gone tits up, they want to ensure that their third of the assets are safe, albeit they still stand to lose a shed load of money.

If the 57m helped build Cherrywood then it was a wise, but very costly investment, i think it has brought a lot to the area.

As Far as i can see that park is full of financial, gaming and IT Companies.
I dont know of any Science Companies doing any research in Cherrywood.

The Majority of that land bank is still lying fallow.

As I say I dont know enough about this yet but it just smells funny.

AlekSmart

As I say I dont know enough about this yet but it just smells
funny.

The pungent odour of decay.....Cherrywood as it now stands is as good as it gets in Irish terms.....There will not be any Big-Name High-End employers taking vast amounts of space here this year,next year or anytime in this decade.

It mirrors the Sandyford nonsense when Elected members played games with re-zoning decisions whilst neglecting to inform or seek guidance from their own professional engineers,resulting in a slow dawning realization that there was not enough Water,Sewage or associated services there to service this vision of modernity

Thankfully Sandyford now is just one modernistic Ghost-Town slightly ahead of Cherrywood in terms of decay as the reality of Fianna Fáil led policies sink in.

These places are largely valueless and the sooner we allow the ACC led realization process to proceed,the better ! :cool: