LIMERICK City and County Council has put a team in place to manage the Living Cities Initiative, which offers generous tax breaks for residential and commercial renovation projects in the heart of Limerick.
The council’s director of economic development, Pat Daly, said the initiative would help deliver the objectives set out in the Limerick 2030 plan to renew the Georgian quarter and encourage families to move back to the city centre.
“We are particularly welcoming individuals and families interested in participating in the scheme to explore the opportunities now available and to come speak with us - we all want to re-invigorate Georgian Limerick, bring it back to its former glory and encourage family life into the heart of our city.”.
“Furthermore the commercial incentives offered will enhance the retail offer within the city centre as well as supporting employment generation. It is anticipated that this initiative will be supported by other advancements currently underway by the council,” Mr Daly stated in respect of plans such as the Opera Centre and Hanging Gardens sites.
The scheme, announced by Minister Michael Noonan last week, comprises a residential and a commercial element and the works must be carried out before 2020.
Residential investors are required to put at least 10% of the pre-renovation value of the property into the scheme and this amount can be written off against their tax bill over 10 years. Revenue has given the example that if a property is worth €320,000, an individual must incur at least €32,000 (10% of expenditure over the five-year qualifying period to get tax relief at a rate of €3,200 a year over 10 years.
Limerick Chamber has also urged businesses in the area concerned to explore tax reliefs - up to a maximum of €200,000 over seven years - available to them. While residential projects will only be approved for pre-1915 buildings, commercial refurbishment projects can be approved in any building in the designated zone in Limerick.
The council has announced that a team at its Patrick Street offices will be responsible for rolling out the scheme in Limerick.
Further information is available on the council website under Living Cities and those interested in participating should contact firstname.lastname@example.org or email@example.com