News on Waterford's North Quays development is expected very soon.
WLR understands that the revised business plan for the project is due to be presented to Cabinet tomorrow.
The plan was recently submitted to the Department of Housing and to the NTA.
The council is also understood to be in talks with potential developers.
"Any investment by the State of over €100 million requires Cabinet approval," Waterford Senator John Cummins told Déise Today earlier.
"There was €106 million which was approved [last time] - €70 million through the Urban Regeneration and Development Fund and €30 million through the Department of Transport and the National Transport Authority.
"Obviously, there has been significant inflation and there is a revised memo, as I understand it, that is to go to Cabinet in that respect tomorrow."
Works could start in early 2023
It's understood a preferred developer for the North Quays project has been identified by the council, after Falcon Real Estate was unable to meet its funding timetable last year.
The Saudi-backed company said €400 million had been secured but they were still unable to meet the pre-conditions set by the council.
That deal fell through in May of 2021.
In the intervening 17 months, costs for all materials required have risen substantially, which is why Cabinet approval for this revised plan is needed.
"Basically what it means is, the main contract tender has come back and the council has assessed them," Senator Cummins explained.
"They have put a final business case together to the Department reflecting the revised costs now for the project for that sustainable transport bridge, for the new city centre access routes, for the integrated transport hub.
"And if it goes to Cabinet and gets approval, it will allow the council to appoint that contractor to commence works on site early next year."
The exact figure on this revised plan has yet to be revealed, with the local Senator stating it's not his place to reveal that before the Cabinet gets to see it.
"All I can say is that [the costs] are significantly higher as a result of inflation, as you'll appreciate.
"Even if you took the sustainable transport bridge in and of itself - it's made of steel.
"We know that steel has gone up considerably over the past two years in terms of inflation.
"So, if you spread that out over the costs, it is significantly higher and obviously, Cabinet will have to weigh that up in terms of the cost-benefit analysis."
Listen back to the full interview from this morning's Déise Today here.
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