Waterford Council intends to take out loans for at least thirty million euros over the next three years to help pay for building projects.

Figures obtained by WLR relating to the Draft Capital Plan 2025 to 2028 also state the Council needs to spend another eight million euros – on top of what they have spent already – on the North Quays Project.

Ten years since the North Quays project was announced, costs have risen more than double.

In November 2020, the project was set to cost €110m, with money to be supplied from the EU, central government and Waterford City and County Council.

In March 2023, then Taoiseach Leo Varadkar officially launched an updated North Quays project with the figure increasing to €170m.

By March 2024, it was estimated at €207m – with Waterford Council liable for funding of €23m.

A document states that €153m has been spent so far on the North Quays.

However, another €84m will be needed to finish what has been started, bringing the cost up to €237m – a 115% increase on the original projection.

Waterford Council’s external auditor has said the original business case for the development comprised project works of €173m and risk and contingency of €34m.

In January, questions were raised by the auditor on the rise in consultancy fees – then standing at €24m.

Councillors have been told Waterford Council will have to spend another €8m in addition to what has been spent to date.

This is part of a Draft Capital Plan for the next three years, which outlines details of many more projects.

These include €4m which has been spent on the Michael Street site in the city.

The plan also suggests the Council will require two more loans of €15m each to pay for everything included in the plan.

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