Efforts to begin construction work on the planned €60 million Cork School of Music received a boost yesterday after it emerged that the company appointed to do the work had obtained credit approval for the project.
Jarvis Projects Ltd has been hit by several delays as it sought to obtain approval from its bankers, Barclays, which would assure the Department of Education that it could carry out the work and the 25-year maintenance contract included in the deal.
The Irish Times has learned that negotiations between Jarvis Projects and Barclays are at a delicate but advanced stage, and a letter of support from Barclays is likely to be forwarded to the Department in the next few days.
A Jarvis Projects spokesman declined to comment but it is understood that both sides are confident of a positive outcome.
A Department spokesman said it was the Department's understanding that the project was before Barclays's credit committee.
Sources say legal work of up to eight weeks is still outstanding on the contract, so it may be closer to the end of the year before construction work can begin.
