Tax breaks to fuel docklands transformation

CORK’S sprawling docklands area is on the fast track to a multi-billion euro transformation after it was cleared for vital tax breaks by Europe yesterday.

The 166-hectare (410-acre) site on both sides of the river Lee was designated an area of urban regeneration under Ireland’s Regional Aid Map 2007-2013 which was approved by the European Commission.

The crucial designation clears the way for the use of tax breaks and a range of other financial incentives until the end of 2013 to encourage private companies to invest in the area.