John Deasy (Waterford, Fine Gael) | Oireachtas source

I will stick with the living city initiative in the Bill. It relates to the urban regeneration of Waterford and Limerick. The specific provisions are badly needed and will amount to real money. Although I cannot speak for Limerick, Waterford city centre needs investment. It has suffered and changed considerably since the economic downturn. Recently, someone told me that 150 premises were vacant in the centre, 20 on the quay alone. The quay is the streetscape synonymous with the city. The centre has been devastated in recent years.

The initiative has two parts, residential and retail. I will deal with the former first. Clearly, the Minister recognises that many historic buildings in the two cities need help if they are to be restored. In Waterford, many of the buildings in question are in the city centre and form its historical core. There might be more than some believe. The difficulty is that many of them are not being utilised as originally intended. Many are vacant. Of the others, many are being rented to house some form of business, be it retail or service-oriented.

The scheme is substantial. Relief can be claimed at a rate of 10% per year over ten years against income following the customary planning permission, certification, etc. The Department has considered the fact that many of these Georgian houses are not practical family homes and has allowed buildings to be divided into smaller units.

Will this measure make an appreciable difference to Waterford city centre? I cannot speak for Limerick, but some helpful tweaking may be necessary before the commencement order is signed. The legislation as written allows for scope to accommodate the city's particular circumstances or attributes.

It is a tight provision to stipulate that a house must be the principal, private residence. I understand the reason the provision is framed in that way but clarity must be provided in the coming months on a couple of points. First, what is a Georgian building? It depends on whom one asks. If one goes strictly by date one is probably talking about the Georgian period ending in 1830. We must make the provision as effective as possible. Some people do not count the Regency period which occurred from 1811 to 1820. King George III ruled until he went mad in 1811.

See this speech in context