Kerry County Councillors have approved the raising of a loan worth more than €4.7 million to obtain ownership of a property in Killorglin.
The motion to approve the loan was brought before councillors at this month's meeting of Kerry County Council.
The council will assume ownership of the Killorglin Town Centre Development, which has been leased to the council since its completion.
The development of the Killorglin Town Centre Project began in 2004, and was developed as a public private venture with Laune Properties Limited.
Since its completion in 2006, an investors group has held the property under a long-term lease, and leased parts of the property back to the council.
This was in order to avail of tax relief schemes at the time, and allowed Kerry County Council to use the property as intended.
The tax relief schemes have now expired, and the council must pay over €4.7 million to obtain full legal ownership of the property.
The council has 25 years to pay this amount, and provision for the loan charges was included in the proposed budget for 2021.
At this month's meeting of Kerry County Council, the motion to approve the loan was proposed by Cllr Michael Cahill and seconded by Cllr Donal Grady.
