Rezoning of Quarryvale boosted value by €60m MAHON TRIBUNAL

REZONING OF land at Quarryvale west Dublin increased its value by €60 million in today's terms, the inquiry was told yesterday.

A valuation of the 160 acres of land revealed that in 1992 it was worth £19 million before zoning but £31 million afterwards.

Developer Owen O'Callaghan, who was a partner in the project, agreed that it would equate to a profit of €60 million today.

Counsel for the tribunal Patricia Dillon SC said that even in what was at the time a depressed economy, rezoning the land boosted its value by £12 million.

She questioned Mr O'Callaghan about the zoning process and asked him to explain again a handwritten note he had made on a bank document in January 1992, which appeared to link payments of £80,000 to lobbyist Frank Dunlop in May and June 1991 to the council vote on May 16th.

The note stated "during May 16th for June elections" beside the payment to Mr Dunlop.

A "coldly considered" reading of the note would lead to the view that the £80,000 was paid for the vote on Quarryvale on May 16th.

"That would be very, very wrong, and to do that you would have to get to read my mind," Mr O'Callaghan said.

A further bank document in March 1992 recorded Mr O'Callaghan as saying there would be fees of £150,000 between March and the second rezoning vote, in December. This included a payment of £70,000 to Mr Dunlop.

Ms Dillon said the object of Mr Dunlop's efforts was to increase support from councillors for the development from 40 per cent to more than 50 per cent.

"Did you see any connection between the money that you were paying to Mr Dunlop and the increase in the councillors' support?" Ms Dillon asked.

Mr O'Callaghan said he did not.

"The money that was paid to Frank Dunlop would have been strictly for his fees and for his support and the use of his office," he added.