Moyross Voice December 09 Regeneration Story Front Page Lead

By Leo Stiles and Kelly Moran and Orla Walsh
A MAJOR €1.5bn private investment plan for Limerick’s regeneration areas is to be brought to the Cabinet today, the Moyross Voice has learned.
But issues about the length of time the regeneration project is going to take, and the low prices being paid to residents for their homes, still remain unresolved.
Defence Minister Willie O’ Dea has confirmed that ministers will discuss a master plan to rebuild the four regeneration areas of the city this morning.
The Cabinet meeting will also consider an approach from a group of local businessmen who have had contacts with international developers interested in investing in the city.
“It’s impressive and exciting. They think it is a good prospect and a good long term investment. I think they will invest,” said the Minister.
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 has said meanwhile that the redevelopment of the city – including Moyross – could take up to 20 years to complete.
Mr Kenny warned that the regeneration project would take much longer to complete without private investors.
He also said he hoped 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 that:
• The €28,000 being offered to house owners was “unfair”
• The first new houses in Moyross would be built next year
• The new head of the North Side agency, Anne Haugh will start work in January
• He would like to see in the future, the money given to the council, diverted to regeneration to build houses.
Mr Kenny said: “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.