Kilrush Creek Marina, a flagship Shannon Development project in Co Clare, now contributes £500,000 to the local economy annually, according to the regional development company.
The marina, which had controversial beginnings when its original £3.8 million cost overran to £6.7 million, is now entering its tenth year of operation. When built, it was envisaged that the town would be transformed into another Kinsale or Dingle.
While this has not happened, Shannon Development, using what it describes as "a recognised marina income multiplier effect" states that annual expenditure of £500,000 takes place in the area, based on annual berth income of £50,000.
The envisaged private sector investment spin-off - £3.2 million in 1991 prices - has also come through.
Some £5 million worth of investment has occurred, including a holiday village and two hostels, and a heritage centre and a landlord-era walled garden. Marine tourism has taken off with a sea angling and a dolphin watching industry.
Shannon Development also states that £1 million in Business Expansion Scheme investment has been leveraged, resulting in the building of a 15,000 sq ft advance building, of which 50 per cent has been let. The remainder is under negotiation. An Post has established a payment processing centre in the building and will employ 50 people for its new bill payment services company, Billpay.
Over the past eight years, income from the marina and associated activities has more than doubled from £60,000 to £130,000 and expenses have declined from £180,000 to £150,000.