A joint venture agreement between Dún Laoghaire-Rathdown Council and two private firms, to develop a 64 acres site in the county, has been extended until the end of June this year.

The council has been a minority partner in the scheme since 1997. Two companies, which form part of the Dunloe Ewart Group, plan to develop the Cherrywood area.

The current agreement was due to expire on 31 December last year, but the two parties have agreed an extension until 30 June 2009.

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A spokesman for Dún Laoghaire-Rathdown Council said: "The council is considering whether and on what basis it should seek to extend the agreement beyond 30 June 2009. It is also reviewing its options in the event that the agreement is terminated."

He added: "Given the deteriorating outlook for commercial development and the growing financial constraints on the council very detailed consideration will have to be given to a range of issues before any decision in relation to the joint venture can be made."

The council currently has made it clear that it does not have the necessary expertise in-house.

Derek Brady, former County Manager, has been asked to assist the council in view of his knowledge of the venture and unique background in both the local authority and property development sectors, the council said.

Mr Brady, who is not conflicted, is being offered a short-term temporary contract of employment.

(PR/JM)