1996/99
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Holiday village gets £1.5. council investment
4 March 1998
Mayo County Council has agreed to invest a sum of £1.5m. in the new International Holiday Village at Lough Lannagh, Castlebar, which is due to open later this month.
The facility, which was built at a cost of £4.8m. and was granted aided 75% by Bord Failte, will consist of 11 self-catering cottages, a 24-bedroom guesthouse/hostel, leisure complex, multi-purpose room, a 20-bay four-star caravan park, a reception and dining hall.
Mr Tim Mullen, the council's finance officer, said the council would not have to increase their bank overdraft to make the investment.
"We can pay for this project out of the cash flow in our revenue account and, in effect, it will cost ratepayers relatively little over a ten years period after which we will have a 70 per cent stake in a fine tourist development
"We like to become involved in projects where there is a payback. I am satisfied this is a very viable project. It is council policy never to lose a development of this nature."
Members of the council held a two-hour debate on the proposal before granting their approval.
Mr Pat Kilbane, chairman, said the council would becoming more and more involved in such projects in future years.
Connaught Telegraph - News & Sport - March 1998
