LCC Announces New Pilot Incentive Scheme

LIMERICK CITY COUNCIL ANNOUNCES NEW PILOT INCENTIVE SCHEME FOR RETAILERS TO OCCUPY VACANT PROPERTIES

Press Release

Tuesday, March 1st 2011

A new pilot incentive scheme for additional retailers to open in Limerick city centre has been announced by Limerick City Council.
The pilot Retail Incentive Scheme for vacant property will offer incentives for the encouragement of city centre higher order retail uses on key Limerick city streets in order to address vacancy on these locations.

The grant is being offered as a contribution towards the fit out of vacant shops in the city centre particularly on; O’Connell Street, William Street, Shannon Street, Roches Street, Catherine Street, Little Catherine Street, Henry Street, Liddy Street, Honans Quay, Denmark Street, Cruises Street, Todd’s Row, Chapel Street, Bedford Row, Thomas Street, Sarsfield Street and the north-east half of Patrick Street and Rutland Street (to specifically include the Opera Centre site).

Limerick City Council will ensure that any incoming retailer will respect and enhance the multifaceted character of the city centre and encourage a diversity of uses to increase its overall attractiveness for shopping, leisure and business purposes.
Favour will be given to ‘higher order ’ retail outlets including fashion stores, lifestyle stores, flagship shops and niche and specialist retailers such as home furnishings, beauty products, jewellery and books.
Mayor of Limerick, Cllr Maria Byrne, said a clustering of these uses in particular at basement, ground and first floor level will help to develop a vibrant retail quarter.

Retailing is playing an increasing role in the economic development of cities,” said Mayor Byrne. “The existence of an attractive vibrant city centre coupled with a high quality retail offer is essential to the future viability of Limerick city centre. In order to attract ‘new blood’ to the Limerick city centre retail mix, it is essential to provide the framework to accommodate the scale of retailing with the type of desirable retail spaces that leading retailers will demand.”

The grant relief to be provided under the Retail Incentive Scheme for Vacant Property is as follows:-
Year 1 - Grant relief is based on certified fit out costs subject to a maximum of 50% of the annual rates liability for the first year
Year 2 – Grant relief is based on original certified fit out costs (as submitted at year 1) subject to a maximum of 25% of the annual rates liability for the second year.

“The Retail Incentive Scheme for vacant properties will provide a positive impact on the city centre by reducing the number of vacant premises and improving the overall retail offer in the city centre,” continued Mayor Byrne.

“This will in turn positively enhance the overall economic vitality and viability of the city centre both for existing and new businesses,” she added.

The pilot Retail Incentive Scheme for vacant property is principally founded on the recommendations set down in the Mid-West Retail Strategy 2010-2016. A public consultation period of four weeks will now take place with the scheme expected to commence in April 2011.

Retailers wishing to take part in the Pilot Retail Incentive Scheme should contact the Economic Development section on Limerick City Council on 061-407100 or visit www.limerickcity.ie

ENDS

For further media information, please contact Laura Ryan, Limerick Communications Office, 88 O’Connell Street, Limerick. 061-400010/086-6042544

Last update:01/03/2011

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