Limerick City Council have announced a historic 15.8% reduction in the city's commercial rates.

In his Budget 2014 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.

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"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.

"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," explained Mr Murray.

The Manager thanked Phil Hogan TD, Minister for Environment, Community & Local Government, whom he said had supported the process in recent months and had helped to bring about the removal of "the last remaining, significant obstacle" to the historic amalgamation of Limerick City and County Councils by the Local Elections in May 2014.

(CD/JP)