THE city council’s Retail Incentive Scheme for Vacant Properties is to be extended into 2012. The scheme, which was introduced in April, was designed to address vacancies in the city’s core retail area, and offered a package of incentives to encourage people to take up occupancy on key city centre streets. Due to expire on December 31, City Hall has just confirmed that to-date, it has received 32 requests for application forms and three firm applications which are currently being processed.
Calling on the council members to officially approve an extension of the operational period of the scheme for another year (subject to a mid-term review of its the financial sustainability), the city manager, Tom Mackey, said he believes it will “positively enhance the overall economic viability of the city centre, both for existing and new businesses”.
Pointing out that Limerick City Council is the only local authority that is proactive in developing such a scheme, Cllr Joe Leddin said he is fully supportive of extending the scheme
“We could tweak it in certain areas but I’d certainly welcome developing this scheme,” he told a meeting of the council.
The scheme provides a grant towards the fit-out cost 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, Honan’s 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.
In the first year, grant relief is based on certified fit out costs, subject to a maximum of 5)% of the annual rates liability for the first year: In the second year grant relief is based on original certified fit-out costs, subject to a maximum of 25% of the annual rates liability for the second year.
