Local authority plan to benefit business in Waterford

A local authority has launched four economic incentive schemes to attract new businesses and revitalise vacant premises throughout the city and county of Waterford.

The schemes were developed in consultation with Waterford City Management Group and Dungarvan Town Centre Management Group.

They will benefit Waterford City, Dungarvan and Tramore, along with 40 small towns and villages.

The move is a follow-up to two successfully implemented schemes promoting clothing, footwear, as well as arts, crafts and artisan food in Waterford City in 2013.

The Waterford City and County Council’s director of economic development, Lar Power, informed the meeting the schemes are being introduced on foot of signs of economic recovery in the region.

He said they would benefit, in particular, areas of sluggish or non-existent growth through offering very generous rates allowances over initial three- year periods. New business owners and tenants alike would gain, he explained.

The new grant schemes, approved at the monthly meeting of the council, encompass:

• Art/craft/artisan food shops; applicable for commercial premises in the city, Dungarvan, Tramore, and regional villages, that have been vacant for over three months, and measuring less than 40 sq m. The grant offers 100% municipal rates payable for the first three years.
• New non-competing retail and commercial services: aimed at new entities that have not traded in Waterford in the past two years, and that will not compete directly with existing enterprises. The grant is applicable for new developments or for premises vacant for at least three months. Grant relief is 100% for first three years and applies to regional villages only.
• Office refurbishment: facilitating refurbishments for new office accommodation and upgrading of existing offices, excluding equipment and furnishings. The grant operates on a sliding scale of 100% to 25% over first three years and applies to Waterford City, Dungarvan and Tramore only.
• Fit-out for new clothing, footwear and homeware: encouraging new businesses only, to occupy commercial premises that have been vacant for at least three months. Applicable solely to Waterford city, the grant provides 100% rates paid for the first year.

Councillors unanimously approved the schemes, with Mayor James Tobin describing the details as “the best document to come before the council in his 16 years in local politics”.

DISCOVER MORE CONTENT LIKE THIS