LIMERICK city is set to get a huge boost with a very significant reduction in rates for businesses, set to be announced later today.
The Limerick Leader understands a decision has been made for the rates for businesses in the city and county to be equalised, which will mean a major reduction for city rate payers.
The matter is to be put to councillors today, and is expected to get widespread approval.
It should prove a huge boost in the efforts to revitalise the city centre.
The exact reduction is not yet know, but it could be over 10 per cent
Rates are a property-based source of income for local authorities. The income from rates underpins the entire range of services provided by local authorities.
For many years business figures in the city centre have argued vehemently that they were at a significant competitive disadvantage because of the high level of rates they had to pay.
They argued that if the city centre is to recover, a double digit reduction in rates is necessary. News last year that the city and county councils were to be merged led to renewed calls for rates reduction in the city and an equalisation of rates for all businesses in the city and county. Efforts to achieve this goal have been ongoing in the background for the past six months.