LIMERICK is going all out to get a share of a new €4 billion Government development fund funding for the city and county, elected members of local authority were told this week.
But the timeframe for applications in what will be a highly competitive national process is tight with the first tranche of funds scheduled to be allocated next year.
Elected members heard a presentation from executive officer, Eileen Humphries on the Project Ireland 2040 fund, which is worth €4 billion and has a ten-year lifespan until 2027.
The fund will be “competitive and Limerick will be up against every other county in getting allocations for projects,” she explained.
The money will be divided between urban and rural regeneration projects with €2 billion and €1 billion allocated respectively and a further two funds of €500 million for projects involving climate action and disruptive technology.
Ms Humphries said that the developments being funded must happen within the existing urban or town footprint. Projects in the metropolitan area must have a minimum overall value of €10 million and must provide 25 per cent matching funding.
“Qualifying projects are not one-off projects. They must be linked into a larger plan which creates a positive urban regeneration effect”.
The kind of urban projects that will be funded in the first tranche of funding include infrastructure for economic development, housing, amenity, heritage, public realm, transport and enterprise.
Rural projects which will be considered are in the area of active land management, housing, business investment, job creation, enterprise hubs, service infrastructure, accessibility/sustainable transport, public realm, tourism, heritage and addressing social disadvantage.
Council chief executive Conn Murray said the challenge will be a “very intense time period and we already have an in-house team in place.
“We will be working closely with other agencies to ensure they are fully supported. We want Limerick in its widest sense to benefit”.
Mr Murray said that the council executive “will put a programme in place to engage with the members on the type of projects they would like to see included.”
He said that the council must ensure that it delivers on the first round of applications while at the same time, developing applications for the next category “and this process will go on on a continual basis”.
Members were told that for the purposes of the fund, the metropolitan area will include Shannon airport.
Metropolitan Mayor Daniel Butler (FG) said: “I would like us to be ambitious in our first steps and get a march ahead of our competitors,” and he suggested that a transport link from Limerick to Shannon airport could be put forward.
Cllr Marian Hurley (FG) was one of a number of councillors who suggested the restoration of the historic Black Bridge at Plassey.
“The black bridge is definitely a heritage piece and it should be included among the applications,” she explained.
Cllr John Sheahan (FG) said he hoped that the council will have projects that can be sustained and brought to completion.
Mr Murray replied by stating that there was no shortage of ambition for projects but they must ensure that these projects can get across the line.
“There is ambition but there is also reality,” he added.
