I propose to take Questions Nos. 628 and 641 together.
Two tax incentive based schemes currently operate to support development in the five cities. An urban renewal scheme commenced in March 1999 and operates in the cities and 38 large towns. Significant progress has been made under this scheme. Relevant data submitted to my Department indicates that investment in completed projects amounts to some €400 million, while projects under way are valued at about €1 billion. Taking account of projects in planning, total investment over the life of the schemes is projected to be in excess of €3.5 billion. The positive impact of this scheme can readily be seen in our cities and towns. However, a detailed assessment of the schemes' contribution to urban regeneration in the five cities may more appropriately be sought from the local authorities concerned, which have statutory responsibility for monitoring its implementation.
The living-over-the-shop, LOTS, scheme, which commenced in April 2001, aims primarily to promote the conversion of vacant space over commercial premises in designated city streets into residential accommodation. While the LOTS scheme was extensively marketed by the city councils, the uptake by property holders is slower than anticipated. Statistical returns submitted to my Department for the period ending 30 June 2003 indicate that there are 64 LOTS scheme projects, either completed, in progress or being planned. Almost 100 residential units have been completed or are nearing completion, while projects in planning would be expected to deliver a further 200 units.
My Department has agreed to provide €100,000 to Dublin City Council to fund a new initiative in relation to the LOTS scheme. This involves the establishment of multidisciplinary property advisory teams, to advise and support property owners who potentially could avail of this scheme. If successful, this initiative could also be applied in the other cities. Overall, I am confident that a focused and proactive approach by local authorities will ensure a more significant uptake of the LOTS scheme. I intend that my Department will shortly initiate an overall review of the impact and effectiveness of the urban and town renewal and LOTS schemes, and that the outcome of this review will be published.
