Great Day for Loreto
The Loreto is one of six new school projects around the country that are to be delivered under what is called Bundle 5 of the Public Private Partnership (PPP) school building programme, announced by Wexford’s Minister for Public Expenditure and Reform in the Government’s Economic Stimulus Package.
County Tipperary developer Darren Quinn of Fortissimo Holdings offered 10 acres to Loreto. The generous gesture was gladly accepted by the Board of Trustees of Loreto and subsequently approved by the Department of Education following a site evaluation.
Wexford County Council, which originally granted permission for housing development in the area, also signalled its support for the school project.
Under the PPP model, the private sector bears the initial cost of building projects with the Government repaying the money over an extended period of time, usually 25 years.
The State repays the private sector investment in the form of annual charges, thereby enabling it to distribute the financial burden over a prolonged period.
The Loreto project will give a boost to the construction industry in Wexford during the two-year building phase, as well as to the local community.
After years of delays and discussions, this project will now proceed to construction next year. It will provide a first rate school for the next generation of Wexford students.