The Government has agreed a strong package of urban renewal allowances and tax incentives intended to draw developers into the Ballymun regeneration project. The incentives apply across the board to developers and individual homeowners in the area, and in the case of Ballymun, represent one of the last substantial opportunities to avail of tax incentives before they come to an end in 2002.

Owner-occupiers and investors will receive 100 per cent capital allowances for commercial and industrial properties; 50 per cent of this can be drawn down in the first year and then four per cent a year to a maximum of 100 per cent over the next 12 years. There are no rent allowances or rates relief.

Residential owner-occupiers qualify for 50 per cent capital allowances for new construction, but this rises to 100 per cent of the capital costs of either refurbishing the home or building an addition to an existing home. Residential investors can avail of Section 23 relief for all rental income up to 100 per cent of construction costs, delivered over 10 years.

There is a separate arrangement for the provision of "park-and-ride" facilities, which will be a feature of the overall Ballymun development. They will come into play when the LUAS arrives. Developers will get 100 per cent capital allowances for construction costs.

The proposed business and technology park will have a hotel on site and this too will attract 100 per cent capital allowances over seven years.

Section 23 type relief is also available for student residential developments, and creche facilities qualify for 100 per cent capital allowance and benefit-in-kind exemptions.