The Government has sought tenders from three companies by next March to build a National Conference Centre in Dublin, which could attract tens of thousands of high-spending visitors annually.
The three companies - Anna Livia, Michael McNamara & the Leopardstown Club and Treasury Holdings' Spencer Dock International Conference Centre consortium - have been given until March 18th.
"The preparation of this documentation has been demanding and time-consuming, with details requiring careful scrutiny and consideration," the Minister for Arts, Sport and Tourism, Mr O'Donoghue, said.
Under the plan, a 2,000-seat conference centre is to be built by 2007, although it is not yet clear whether it will be built in the city centre or its southern suburbs.
The three companies, which were shortlisted by the Departments of Arts, Sport and Tourism and Finance last July, have expressed frustration with the length of time it has taken to get to the tender stage.
The Anna Livia Consortium, led by Bennett Construction, wants to build the centre at a site owned by the Dublin Docklands Development Authority near the Point Theatre.
The group led by the construction firm Michael McNamara and the Leopardstown Club Consortium wants to build it on land owned by Horse Racing Ireland adjacent to the Carrickmines end of the Leopardstown racecourse.
Last month Mr O'Donoghue said bureaucratic rules within the Department of Finance governing public private partnerships were causing delays.
Yesterday, however, he said the new Minister for Finance, Mr Cowen, was working with officials to "streamline" the regulations.
The announcement that the project was finally going out to tender was welcomed yesterday by the Irish Hotels Federation.
Calling for construction "without delay", the IHF president, Mr Richard Bourke, said a conference centre could attract up to 50,000 extra visitors and generate €60 million a year.
"The lack of a national conference centre to date has put Ireland at a serious disadvantage to other countries. The IHF has long called on the Government to invest in this crucial facility," Mr Bourke said.
"Any delay in construction of the centre will be unacceptable given the fact that Ireland is already on the back foot compared to other countries."
Earlier this week the Dublin City Centre Business Association said the delay was hurting the capital's economy "day after day".
The global conference market is worth €40 billion annually. Currently the State attracts 120,000 conference delegates. Each spends €1,200, 50 per cent more than the average visitor.
Last month South Dublin County Council voted to allow a €50 million convention centre, previously rejected by An Bord Pleanála, to be built at CityWest in Dublin.
Mr Jim Mansfield had put up the frame of the 6,000-seat centre without planning permission and went to court after he was ordered to take it down.
The existence of the Mansfield centre could cause difficulties for the Government-backed project, but supporters say that a city-centre location will be more attractive for delegates and their partners.