Kevin Galvin
The Chief Executive Officer for Waterford City and Council says they’re ready to move on from Falcon Real Estate and source new options for the North Quays Development.
Michael Walsh was addressing Councillors ahead of tomorrow’s deadline for the Council and Falcon to sign the contract, which now appears to be unlikely.
Despite objections from councillors, Mayor Damien Geoghegan moved to suspend any discussion of the development at the meeting until Monday, when Walsh said he would have more information.
This morning Director of Falcon Rob Cass says the group are still committed to the project, and in a follow-up statement, the council has confirmed that funding proposals will be submitted today or tomorrow.
Cass said he was surprised about the “pre-marriage jitters and misunderstanding” over his company's commitment to the project, while admitting that they have yet lodged any of the required funding for the development.
Walsh, says the council still have their doubts, despite the promise of funding proposals.
"We believe it's unlikely that Falcon - if we're honest about at this stage - will meet those preconditions. It still remains the position that they have until Saturday evening to do so.
"Separately we're being told that a term sheet will be lodged this evening, it will be the first we'll see of it, which will satisfy that particular precondition in terms of funding.
"People reading the tea leaves would recognise that we have been concerned - and there's uncertainty is how I would put it - and on the balance of probability, I think it's unlikely that they would satisfy the contract pre-conditions.
"As a consequence, we have to move on, and we've been doing an awful lot of work so that we can move on."
