LIMERICK City Council this week announced a historic 15.8 per cent reduction in the city’s commercial rates.
In his budget report, Limerick City and County Council Manager Conn Murray said the reduction, subject to the approval of the Council’s elected members, will for the first time bring about a single Annual Rate of Valuation (ARV) in Limerick.
Mr Murray is proposing to reduce the ARV for Limerick City from €71.19 to the Limerick County rate of €59.9193 in a move described by the Manager as “a significant and positive milestone” in the merger of Limerick City and County Councils.
“The value of this rate reduction equates to €4.59 million, going back to the ratepayers and should significantly help businesses to remain competitive and will for the first time in our history bring about a single ARV for Limerick,” he explained.
“This unprecedented reduction will help stimulate the local economy and shows the commitment of Limerick City Council to businesses in order to generate employment and create an environment for continued growth and prosperity”.
He went on to thank Environment Minister Phil Hogan whom he credited for supporting the process and helping to bring about the removal of “the last remaining, significant obstacle” to the historic amalgamation of Limerick City and County Council following next May’s local elections.
“Limerick City Council by adopting this rate reduction is sending a clear message that the City is very much open for business and we are determined to redevelop the city centre through a combination of public private investment,” he said.
Limerick Fine Gael TD Kieran O’Donnell welcomed the proposal, which, he said, was made possible by a grant of €3.5 million from the Department of the Environment.
“This is a very positive commitment to Limerick by the Government. Equalising the rates payable in the city and the county is a very significant development in the amalgamation of the two local authorities and is very positive for the future development of Limerick.
“This has to be good news for Limerick at a time when we are working to re-invigorate the city centre and provide additional employment,” he concluded.