Michael Lowry
Question:9 Mr. Lowry asked the Minister for the Environment the way in which he intends to finance the development of the Temple Bar area.
Ceisteanna—Questions. Oral Answers. - Temple Bar Development.
Frances Fitzgerald
Question:77 Ms F. Fitzgerald asked the Minister for the Environment the way in which his Department intends to finance the development of the Temple Bar cultural area.
I propose to take Questions Nos. 9 and 77 together.
Many of the development projects being undertaken in the Temple Bar Area are being carried out by the private sector. These projects may avail of the special taxation incentives and rates remissions which apply in the area. Temple Bar Properties Limited, the development company established under the Temple Bar Area Renewal and Development Act, 1991, has drawn up a development programme for its properties in the Temple Bar area providing for cultural, residential, leisure and small business uses involving expenditure of £100 million.
It is intended that cultural projects will be put forward for assistance from the next tranche of Structural Funds; the current tranche is already partly funding some of these projects. Exchequer counterpart funding for the cultural projects which are approved for EC funding will be provided through my Department's Vote.
The commercial and semi-commercial projects in Temple Bar Properties' development programme will be expected to be self-remunerating. These projects will be funded by loans from the European Investment Bank and the Bank of Ireland.
Phase I of a programme of infrastructural investments in streets etc., which is nearing completion, has been funded from a combination of EC sources, Dublin Corporation and other local contributions.