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Limerick Regeneration in doubt due to billion euro deficit
THE Limerick Regeneration programme may not be completed for 15 years due to a lack of funding, chief executive Brendan Kenny has said.
Officers with the Limerick Regeneration, held talks with officials at the Department of Environment this week aimed at agreeing incentive schemes to attract private investment.
Minister for Defence Willie O'Dea said there are local builders who may invest hundreds of millions of euro in the project, but said the Government will not be able to deliver the €1.7 billion it promised for the regeneration of Limerick.
The €3 billion regeneration plan for Limerick was announced in 2007, with the Government investing €1.7 billion up to 2018, and the remainder coming from private investors.
Minister O'Dea said there is now growing public "disenchantment locally due to the lack of progress on the project.
The master plan aims to regenerate four estates – Moyross, Ballinacurra Weston, Southill and St Mary's Park. It envisages demolishing up to 2,500 houses, creating two new town centres and
breaking the "cycle of disadvantage" in the city. Hundreds of homes have been demolished, but no new homes have been built.
Limerick Regeneration will put forward new proposals to Government next month aimed at starting a building programme to reassure local people the regeneration will go ahead. However, significant changes are expected to the original plan, with more houses on the estates
being refurbished rather than demolished and rebuilt.
For more see Monday's Limerick Leader.
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Thursday 09 February 2012
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