Under Call 1 of the Urban Regeneration and Development Fund in 2018, Waterford City and County Council received an initial allocation of €6m for the North Quays project.
This URDF supported project consists of largely transport focused infrastructure works that will open up the City’s North Quays site for the development of commercial and residential land with direct sustainable access to the City Centre and intercity locations.
My Department has been working closely with Waterford City and County Council to assist in their development and advancement of this high cost and complex proposal. Through the URDF my Department has already recouped €5.7m in respect of costs incurred by Waterford City and County Council on the planning and development of this project.
On 10 November 2020, I announced the approval of €80.6m in URDF support for the project. This is part of a Government approved package of €110.6m in Exchequer support for the project, which also includes €30m committed by the National Transport Authority.
It should be noted that the advancement and completion of this project is, in the first instance, a matter for Waterford City and County Council, and that further URDF funding will recouped to the local authority as the project advances through the various stages of its development.
My Department will be writing formally to Waterford City and County Council shortly to confirm the arrangements and conditions attached to the recently announced URDF support.