LIMERICK City and County Council has announced that a team has been established to manage the roll out of the ‘Living City’ initiative to regenerate a core part of the city centre.
The initiative offers income tax deductions to people carrying out refurbishment of homes and retail spaces that have been designated as Special Regeneration Areas of historic Limerick.
The scheme also includes the centres of five other Irish cities – Dublin, Cork, Galway, Waterford and Kilkenny – and is divided into residential and commercial elements.
The residential element will offer an income tax deduction, over 10 years, for qualifying expenditure on the refurbishment or conversion of a building for use as a dwelling.
To qualify, the building must be built before 1915 and be located in one of the designated areas in the city. The residential tax relief is only available to owner/occupiers and is not on offer to landlords.
The commercial relief is given in the form of an accelerated capital allowance for qualifying expenditure on refurbishment or conversion of premises within the special regeneration areas and is not restricted to pre-1915 buildings.
The amount of tax relief available under the commercial element of the incentive is capped at €200,000 for any individual project.
Limerick City and County Council’s director of Economic Development and Planning, Pat Daly said: “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 reinvigorate 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 including the development of the former Opera Site, The Hanging Gardens site on Henry Street as well as building on completed schemes such as the Quays Project and the Coca Cola Bike scheme.”
Those interested in participating in the scheme should contact k[email protected] or[email protected], or go to www.limerick.ie/council/living-city-initiative-limerick
