NAMA should review development bonds for community gain

Fine Gael TD for Dublin North Deputy Alan Farrell has called on NAMA to review the possibility of working with County Councils to dispose of development bonds to allow developers complete work on unfinished open spaces earmarked for public or amenity use.

“Public open spaces are not an asset. They can’t be sold for commercial gain and therefore have no place being held by the Asset Management Agency who are neither maintaining the sites nor allowing them be used for community gain.

“There are some circumstances in which the council and NAMA could review the possibility of releasing the development bond to allow the developer complete the works as per the conditions set out at planning stages. The space can then be passed into council ownership to be maintained and utilised, creating best possible outcome for the taxpayer.

“Public spaces such as Kettle’s Lane in Kinsealy near Swords have been left in limbo. The developer can’t access funds to finish works due to its assets being tied up in NAMA, and the County Council can only acquire the space when all planning conditions have been met. The land had been earmarked for local soccer clubs, the first soccer facility in this area for twenty years.

“NAMA was not set up to hoard lands. Public open spaces and amenity lands promised during the boom years must be delivered on where possible, to form an integral part of newer communities.”