Multi-storey makes €500k loss a year

Confusion surrounds the ownership of the multi-storey car park as Cavan Town Council plans to carry out major enhancements to make it more user-friendly ahead of purchasing it for €6.5 million in 2015. Plans are in place to revamp the multi-storey car park - which was branded a "white elephant" by Cllrs Patricia Walsh and Brian McKeown at Monday's meeting of Cavan Town Council. While the councillors generally welcomed the plans, Cllr. Paddy Sexton reminded the councillors that the tax payers were already paying €400,000 per year for rental, and enquired whether the Council would have to pay for this enhancement work when it would be carried out "at a time when it is owned by other people". Cllr. McKeown voiced concerns that they would simply be "throwing good money after bad". He asked whether the council is the tenant in the current agreement and who actually owns the premises. He further asked if the council could afford to buy the car park at the end of the tenancy and if not, what the point would be in paying for improvements. He insisted that the residents of Cavan town had subsidised the car park through paying for street parking and the owners would walk away with a "golden handshake" while "we're left with a white elephant". Mr. Hora responded, "We will own it in 2015," and added that "any money spent now will be an investment for ourselves," as the council will benefit from the extra capacity. Dissatisfied with this response Brian McKenna snapped "You didn't answer my question," and again asked for who owned the car park. A brief exchange ensued amongst Mr. Hora and town Mayor Paddy O'Reilly and Cllr. Patricia Walsh on whether a third party - Glassell Ltd - owned the car park or if it was a body set up by the local authority and they leased it to the council. But no one could provide a definitive answer to the chamber. Without naming P Elliott & Co, Cllr McKeown enquired whether the firm which constructed the car park being placed in receivership will have any impact on the sale, to which Mr. Hora explained that the company had built it, but didn't own it. "Maybe for the next meeting you could let us know who owns it," exclaimed Cllr McKeown. For a more detailed report, as well as details of the directors of the holding company Glassell Ltd, please see this week's paper.