- Conservation
- Posted
Brian Cowen handcuffs the Heritage Trust
ALTHOUGH the Irish Heritage Trust (IHT) got the all clear to take over Fota House and Gardens shortly before Christmas, Brian Cowen has attached very stringent conditions. Documents seen by Goldhawk reveal that the ongoing costs associated with Fota are set to be significant but the €5m endowment fund greenlighted in the Budget will not be extended. According to a letter Cowen sent to Environment Minister John Gormley in November, he had "raised concerns" when the IHT was originally established in 2006 "regarding the likelihood of private investors getting involved in heritage projects and I am disappointed to note that the Trust has not yet identified private sector investors for the Fota House and Gardens project ...
"I concur
with Indecon Consultants' unease regarding the potential increase in
Exchequer risk in the absence of private investment ... The identified
risks to any shortfall in funding must be clearly the responsibility of
the IHT and the directors of the Trust must be aware of the risks
involved. There can be no question of the Exchequer providing for any
shortfall in the funding of this project."
This is strong stuff and
Trust chairman David Davies and his board - which includes the likes of
Carmel Naughton, Seán Mulryan, Desmond FitzGerald, and James Osborne -
are now under no illusions as totheir responsibilities. According to
documents seen by Goldhawk, three "potential investors" have apparently
been "identified" but there has been no confirmation to date of any
private monies being made available.
It is the private funding
aspect of the IHT that essentially differentiates it from the OPW
(which currently operates Fota House). While the €5m endowment fund
will provide approximately €200,000 per annum to cover the annual
operating deficit, other funding will be required for further capital
investment. The IHT's own submission notes that there are various
costly projects that will need to be undertaken in Fota, including the
restoration of the upper floor, which is costed at €3.5m. This is
partly to accommodate some of the Woods Collection of furniture and art
- some of which now looks unlikely to be donated following Richard
Woods's settlement with his bankers. According to the IHT plan, "the
installation of a Collection is fundamental to the project".
Worryingly
for the Trust directors - given their financial responsibilities as
highlighted by Brian Cowen et al - although the €5m endowment fund
should cover the deficit for the first five years, after this period
the Trust is set to take over the running of the substantial gardens
from the OPW. This is set to increase the annual deficit from €208,000
to over €660,000 and, according to the IHT's fund managers - Davys -
this latter scenario would require an endowment fund from year six of
€16m!
Perhaps the IHT should have left this one with the OPW?
© The Phoenix
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