It's hoped the new enterprise centre in Castleblayney will lead to further investment in the town.
Funding of almost half a million euro was announced for the project on Friday, on top of €2.1 million announced early last year.
Further renovation works have begun on the Gate Lodge 2 at Hope Castle which will become the town's new library and a public space.
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Speaking to Shannonside Northern Sound, Monaghan County Council CEO Eamonn O'Sullivan said he hopes this is part of the rejuvenation of Castleblayney town:
