Shortfall in urban regeneration funding a 'slap in the face' for Waterford
Up to €100m in funding has been confirmed today for 88 projects in Ireland’s five cities and other large towns under the Urban Regeneration and Development Scheme.
However, the Government's allocation of €6m to a major urban regeneration project in Waterford, rather than the €20m hoped for by backers, has been described as "a major slap in the face" for the city.
The north quays rejuvenation scheme in Waterford is expected to need over €100m in total over the coming years if it is to go ahead as planned and Waterford City and County Council had hoped for an initial allocation of €20.1m to begin enabling works.
The council's CEO Michael Walsh said today they needed "greater certainty" around the Government's commitment to the project and that it "wouldn't be viable" for the private element of the regeneration to go ahead with the public infrastructure.
The first round of the Urban Regeneration and Development Fund announced today earmarked €6m for Waterford, to go towards the cost of a new pedestrian bridge linking the city's north and south quays.
Plans have been in place for some time for a key residential, tourism, retail and office development on Waterford's north quays, with Saudi Arabian company Fawaz Alhokair to build much of the private element of the scheme.
The public aspect includes the pedestrian bridge, a new transport hub which will include moving the existing railway station, and improved roads.
Waterford TD and Minister of State John Halligan, who helped announce the 88 successful URDF countrywide along with the Taoiseach Leo Varadkar and Minister for Housing Eoghan Murphy, said the new bridge "will ensure vital connectivity between the existing and proposed shopping districts" in Waterford.
"This key piece of infrastructure is the first building block in a multi-million euro project that has the potential to transform our city, not just physically but also from an economic and social perspective," Mr Halligan said.
However, Fianna Fáil TD for Waterford Mary Butler said the "€14m funding gap" between the application for €20m and the allocated €6m "is a major slap in the face to Waterford city" and "does not bode well for the future funding".
She said there is concern in Waterford that, unless the Government provides the funding that is needed, the entire project could stall. "This is incredibly disappointing. The Government hyped up their support for this project consistently, and now the city community has been once again left short-changed by this Government."
City and County Council CEO Michael Walsh said the Saudi investors could be through the planning process by the middle of next year and ready to build the mooted shopping, tourism, office and residential complex, but will need the public infrastructure.
He said: "They can [go ahead independently] but the reality is that, without real certainty that more infrastructure is contemporaneous, they probably couldn't. They have a two year or two and a half year build, you would want to have the infrastructure coming on at the same time. It wouldn't be viable to open without it."
He said he is confident the political and official support for this "transformational project" is there, but the council "will need to see longer-term commitment" from central Government.
"We would probably have been happier if we had got eight or nine million, because we will be getting some money from the NTA [National Transport Authority] as well."
More urban funding is due to be announced by the Government early next year. "There's an element of goodwill there but we need to see it tangibly," Mr Walsh said.
Limerick city will receive more than €6m in funding to go towards developments such as Project Opera, the revitalisation of O'Connell Street, a digital centre, and a waterfront.
Local Fine Gael Senator, Maria Byrne, says its a great day for the region.
She said: "It's about bringing people into Limerick, it's about putting Limerick on the map. Limerick is a driver in the Midwest region, the city especially.
"Limerick city and county were amalgamated several years ago and it has been very very good in terms of driving the region, but we have to have a thriving city to drive the region, and certainly that's what that investment will mean today."
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