Clare County Council claims strategic infrastructure developments will be of paramount importance in order to future proof the county town.
It comes amid renewed concern within the council chamber over the financial stability of the Ennis 2040 DAC.
In 2021, the Designated Activity Company was approved a €10m loan to advance strategic development projects in the town.
So far the local authority has drawn €5m of this funding down, with €2.2m spent on planning, design and consultants for proposed works at Abbey Street, Francis Street, Harvey’s Quay and the Post Office Field.
This has sparked concern from councillors at the latest meeting of Clare Coutny Council though, after a motion from Fianna Fáil’s Tom O’Callaghan revealed the DAC possessed just €14,791 in fixed assets.
Clare County Council’s Director of Finance and Support Services, Noeleen Fitzgerald insists there’s no question over the company’s solvency and that the projects will be vital to futureproof the town.
There are currently eight designated activity companies owned and acting under the remit of Clare County Council, including Glór, Visit Clare, Kilrush Amenity Trust, Vandeleur Walled Gardens, Shannon Heritage and the Cliffs of Moher Centre.
These special purpose vehicles isolate any financial risk for a local authority and then carry out their functions based on service level agreements.
The Ennis 2040 DAC predicts its strategic infrastructure developments will yield 200 long-term jobs and a cash injection of €3.5m to the local economy each year when they come to fruition.
Clare County Council’s Director of Economic Development and Ennis Municipal District, Carmel Kirby says the company’s early activities have already kept vital employers in the town and created new jobs.
You can listen to the full interview below.