Land in IDA Ireland ownership is largely sold to client companies of IDA and Forbairt as part of a package to promote industrial development and to create industrial undertakings which will provide employment, in accordance with the Industrial Development Acts, 1986 to 1995.
The procedure which IDA Ireland adopts when selling land for industrial undertakings is to set land prices based on recovery of purchase and development costs, taking account of current market values. These prices are reviewed each year.
In the circumstances, as IDA is negotiating with clients who are establishing industrial undertakings the issue of tenders-public auctions does not arise as it is not a competitive situation. The purchaser in question applied to Forfás some time ago for space on a serviced site "for recycling purposes" in line with current Government conservation and recycling policy. In the view of IDA Ireland this is an industrial undertaking meeting the criteria set out in the relevant legislation. Markets have been identified for the final product both in Ireland and the UK.
An irrevocable contract for the sale of this site has been entered into between IDA Ireland and the purchaser in respect of his industrial undertaking in Ballaghadereen. Planning permission for the proposed development has been received from An Bord Pleanála and there is therefore no basis on which IDA Ireland could withdraw from its agreement.
