Boost for business as city rates hike on hold

BUSINESS in Co Limerick received a Christmas boost with a decision of the local authority not to raise rates for 2008.

County manager Ned Gleeson said the county council’s decision would ensure Limerick remained an attractive location for new and existing investment.

“The commercial valuation of Co Limerick continues to increase and the 2008 valuation shows an increase of over 4% on the 2007 figure,” he said.

“In drafting the budget, I was acutely aware of the very competitive environment in which businesses currently operate and so, to ensure that Limerick continues to be an attractive location for new and existing investment, I do not propose to increase the commercial rate for 2000.”

Mr Gleeson pointed out that the current annual rate on valuation for Co Limerick was one of the lowest of the 34 city and county authorities in the country.

The total estimated expenditure included in the county council’s draft budget for 2008 amounts to €126,584,064, an increase of €8,616,757 (7.30%) over the adopted figure for 2007.

The planned level of expenditure will be financed from grants and subsidies (30.54%), goods and services (26.73%), local government fund grant (21.44%) and commercial rates (21.29%).

Council chairman Cllr Kevin Sheahan said holding of the rate at current levels would have a positive impact in attracting industry and commercial interests.

He said 2007 had been a very positive year for Limerick County Council with the advancement of numerous significant infrastructure projects.

“The upgrading of Co Limerick’s infrastructure is a testament to the local authority’s commitment to improve services. I look forward to the commencement of new projects and the completion of existing projects in 2008.” Mr Gleeson added.

Construction work on the tunnel project and a N7 high quality dual carriageway continued in 2007 with the schemes scheduled for completion in 2010 and 2009 respectively.

Meanwhile, the signing recently took place of a contract for the provision of a new neighbourhood park at Castletroy. The 17-acre park and amenity area is due for completion by mid-2008 and represents phase one of a programme of such parks for the city environs.

Also, in Newcastle West, construction work recently started on a planned new decentralised Revenue Office on a site provided by the county council.