STATEMENT 

Dublin City Council welcomes the outcome by agreement whereby Dublin City Council and Michael Mc Namara & Company (together with their development companies, Cableside Developments Limited, Pentar Limited and Kimtor Limited) entered into a mediation process in relation to the three regeneration projects at O’Devaney Gardens (a joint venture between Michael Mc Namara & Company and Castlethorn Construction), Infirmary Road and Convent Lands. As a result of that mediation, the parties have reached a mutual understanding and agreement to enable Dublin City Council to proceed with the Regeneration Projects.

 It has been agreed that the parties will mutually disengage from the Regeneration Projects and that the developers will facilitate Dublin City Council by:

• Immediately releasing the relevant sites back to Dublin City Council
  
• Providing to Dublin City Council a licence to the designs for the proposed developments
  
• Paying a contribution of €1.5 million towards the costs incurred by Dublin City Council
  
• Under the terms of the mediation process, there will be no further information issued

The City Council has always said that its Tenants are its main priority. In that regard a new multidisciplinary team is in place examining all options with regard to the future regeneration of these areas. It is intended to bring a report to the Council on the options and recommended proposals before the end of this year.

ENDS