I propose to take Questions Nos. 279 and 280 together.
Shannon Development's 30-acre Information Age Park in Ennis (IAPE), opened on 9th June 2005, is in the very early stages of a long-term development that will provide a High Potential Start Up base for Ennis and County Clare, and which can also accommodate appropriate Foreign Direct Investment companies brought to Ireland by IDA Ireland. When completed, the new Park has the potential to facilitate the creation of an estimated 3,500 high value jobs in over 700,000 square feet of high quality office accommodation.
Phase I of the project involves an investment of €11 million by Shannon Development, in land infrastructure and the provision of 45,000 square feet of technology incubation, large floor-plate and own door office accommodation in the new Innovation Works facility. An estimated €110 million will be invested between the public and private sectors in the new Park over the next fifteen years. The Park will offer a range of accommodation options that will ensure that the needs of all knowledge-age business (foreign direct investment, mobile Irish investment, and business incubation) are met, irrespective of size or development stage. The inclusion of an InnovationWorks incubation facility by Shannon Development is designed to fast track the development of Irish High Potential Start Up enterprise.
Prior to the opening of IAPE Shannon Development had 12 Irish Industry client companies in the Clare Business Centre. All 12 companies transferred to IAPE when it opened, as the Clare Business Centre was subsequently closed as part of Shannon Development's strategy of building a much more modern business friendly incubation centre. One of the 12 companies subsequently closed. In addition to the transferred companies, three new companies formed since the IAPE opened. The total employment in the client companies that originally transferred to IAPE was 17. The number of new jobs created by those 11 transferred companies and the 3 new companies (since IAPE opened) was 20 bringing the total to 37. Shannon Development is confident that the early growth shown will continue to develop in the future.
To drive this, Shannon Development will continue to attract and help establish High Potential Start Ups in IAPE, through its Venture Development Process. This Process encapsulates the various stages of business development from idea generation, feasibility study stage, project development and market launch, and business expansion and offers an integrated package of business development programmes to achieve this.
At present, the total space let to enterprises is 5,000 sq ft and there is over 8,500 sq ft available for letting in three units of large floor office space suitable for second stage incubation projects.
In addition, Shannon Development is accommodating the Clare County Council, which is renting 20,000 sq ft of office space at the park before it moves to its new Headquarters next year. This is a short-term arrangement, and Shannon Development has held back sufficient space to accommodate any FDI space requirements should the IDA require.