IT is predicted that Living Cities, an innovative new scheme of property tax incentives designed to regenerate both historic buildings and other buildings in Limerick, will “bring families back into the city centre”.
Launched this week, the initiative first announced by Finance Minister Michael Noonan in May 2015, includes participating cities Limerick, Dublin, Galway, Cork, Waterford and Kilkenny.
Designed to regenerate both historic buildings and other buildings, it also applies in certain ‘Special Regeneration Areas’ to bring life back into the heart of the six participating cities by offering tax relief for qualifying expenditure incurred on the refurbishment or conversion of certain buildings where conditions are met.
Key professionals within the initiative’s remit, including planners, chartered accountants, auctioneers, financial advisors and architects, gathered at Limerick’s European Capital of Culture bid headquarters at 2 Pery Square for this week’s launch.
Mayor of Limerick City and County, Cllr Liam Galvin, welcomed the Living Cities initiative. He believes it will bring families back into Limerick city centre and will “maximise the use of existing pre-1914 buildings by transforming them into modern homes”.
“The launch of the Living City initiative will lead to the further regeneration of Limerick City,” Mayor Galvin declared.
“This scheme will bring life back into the heart of the city, while at the same time will help to conserve and protect the architectural of Limerick’s oldest residential and commercial properties, including the Georgian Quarter. Furthermore, works undertaken as part of this scheme will deliver employment.”
The residential element of the initiative 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 Special Regeneration Areas in the city.
Commercial relief will be given in the form of an accelerated capital allowance for “qualifying” expenditure on refurbishment or conversion of premises within the special regeneration areas.
Key members of the Economic Development and Planning Department of Limerick City and County Council and conservation officer Tom Cassidy will be on hand to answer public queries at a Living Cities Open Day on Wednesday November 4 in the exhibition space at City Hall in Merchant’s Quay from 10am to 4pm.
For more details call 061-407100.
