Cabinet to discuss €1.5bn private investment plan for Limerick

A MAJOR €1.5 billion private investment plan for Limerick’s regeneration areas is to be brought to the Cabinet today.

Defence Minister Willie O’Dea confirmed that ministers will, this morning, discuss a master plan to rebuild the four regeneration areas of the city.

The Cabinet meeting will also, reportedly, consider an approach from a group of local businessmen who have had contacts with international developers interested in investing in the city.

The claims are made in the Moyross Voice, a newspaper brought out by journalism students at the University of Limerick. Contributors to the article were students Orla Walsy, Kelly Moran and Leo Stiles.

Mr O’Dea described the proposed investment as impressive and exciting. “They think it is a good prospect and a good long-term investment. I think they will invest.”

He refused to be drawn on the identity of the interested parties but said he expected an announcement in the next couple of weeks.

Regeneration Agency chief executive Brendan Kenny said the redevelopment of the city – including Moyross – could take up to 20 years to complete.

Mr Kenny warned, without private investors, the regeneration project would take much longer to complete.

He also hopes to start building houses in Moyross in 2010 to show residents that Government backing for the project was solid.

“What we are saying to the Government is that we accept there is no money, we accept that there is a recession but what we need to do is get one small development in each of the areas to show the people that we are committed to building,” he said.

Mr Kenny also said:

* The €28,000 being offered to house owners was “unfair”.

* The first new houses in Moyross would be built next year.

Meanwhile, the new head of the North Side agency, Anne Haugh, will start work in January.

In future, Mr Kenny said he would like to see money given to the city council diverted to his agency to build houses. “We’ve calculated overall that over 10 years, €3 billion would be required but that’s private investment and the reality now is that in the current climate a lot of that is not going to happen. We never really calculated exactly, but some of the things that were going to take 10 years to happen may take 20 years but we’re planning for the future,” he added.