A NEW report on the future economic development of Limerick has been welcomed by the former president of University of Limerick, Dr Edward Walsh, for its recommendation that a single local authority should oversee the development of the city.
Dr Walsh said the report by Friends First chief economist Jim Power, Limerick - A City of Opportunity, mixed very keen obser-vations regarding the future opportunities for the city with the challenges that it faces if it is to grow and develop.
"I welcome the report, especially the recommendation that the city should be provided with one local authority rather than the current situation where Limerick City Council, Limerick County Council and Clare County Council are all involved," he said.
Dr Walsh said the report rightly recommends the establishment of a single local authority that would produce and oversee the implementation of a plan for almost 100,000 people who live in the urban area which spans the three local authorities.
"It's an important recommendation and significantly at this time of fiscal strain, it requires nothing other than a stroke of a pen from central government," said Dr Walsh, adding that in the knowledge economy, growing cities are crucial to securing regional investment.
In the 35-page report commissioned by developer, Ger Clohessy, Mr Power predicted a bright economic outlook for Limerick on the basis that the city can look forward to €1 billion private sector investment as well as a State regeneration project for disadvantaged areas.
These investments include a €500 million project along an eight-acre site from Sarsfield Bridge to the Hunt Museum, and a second planned €500 million Opera Shopping Centre development on nearby Patrick Street.
The planned public investment in regenerating areas such as Moyross, Southill and Ballinacurra-Weston, where more than 2,000 homes are set to be demolished, will also have a very significant impact in terms of the overall investment in the city, he added.
Mr Power insisted, however, that full delivery of the regeneration projects is essential to the future of Limerick, and he called on the Government not to roll back on funding for this major project despite the downturn in the economy.
"It's not an economic project, first and foremost it is a social project and the only way you can really tackle the antisocial problems in Limerick is to ensure that the areas worst affected are redeveloped," Mr Power said.