Mayor of Limerick, Cllr. Gerry McLoughlin, has welcomed the Living City Initiative published as part of the 2013 Finance Bill.

The Living City initiative, which only applies to Limerick City and Waterford, provides for tax relief for residents who refurbish Georgian houses in designated areas. It also provides tax relief to retailers who carry out works to upgrade or re-fit their shops in the designated Georgian area.

"I would like to pay tribute to the Department of Finance for its foresight in drafting this initiative to benefit the built Georgian sector in Limerick City," Mayor McLoughlin said. "If Limerick can attract a higher level of residential occupancy in the city, this will have a very positive commercial impact. The scheme has the potential to increase residential occupancy and also have a beneficial impact with the creation of construction employment during the course of the restoration of the residential properties involved.

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"Overall though I would very much like to compliment our two Government Ministers, Minister for Finance Michael Noonan and Minister of State Jan O’Sullivan for delivering this for Limerick."

Also commenting on the initiative, Director of Economic Development & Planning at Limerick City and County Council, Tom Enright said: "The twin benefit of this initiative for Limerick is that it can restore some of the city's existing Georgian architecture to its former glory while simultaneously driving residential and retail regeneration in Georgian areas of the city."

Mr Enright added that this is one of a number of initiatives that will help to bring activity into the City Centre.

He also noted that it is important that the scheme is to be targeted at owner-occupiers refurbishing Georgian houses, rather than investors developing apartments.

(CD/GK)