The redeveloped complex will cater for up to 1,000 students in a modern further education College.
In addition, the complex will house a refurbished and extended Public Library with modern facilities.
The council also approved an arrangement whereby they would fund the entire redevelopment project interest free for a period of up to 18 months.
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This arrangement came after the Department of Education and Science indicated, while the project was a high priority, it would not be in a position to fund it until mid to late 2009.
If the project was to proceed under the existing planning permission it had to proceed immediately as that permission is due to expire in mid-December 2008.
The VEC has submitted a new planning application, which is being considered by the council. Any decision by the council on this application is likely to be appealed to An Bord Pleanala.
It is therefore unlikely that the matter will be determined by An Bord Pleanala until the end of 2008 at the earliest and possibly well into 2009.
The council has said it will await the department's decision in September and then review the project.
If the department does not sanction the project in September, the council insisted it would look at other options for the comprehensive redevelopment of the Town Hall and Library elements of the complex.
(PR/JM)
