Fiscal Incentives and Urban Regeneration

This paper examines the evolving role of fiscal incentives in urban regeneration initiatives in central Dublin over the period 1986 to present. With a rapidly changing economic development context policies have evolved from blanket subsidisation of development in designated areas towards a more selective approach. The rationale for policy shifts will be examined over three time periods,1986 to 1994,1994 to 1998 and 1998 to present. Drawing upon research over the period the changing policy objectives and issues arising in each period will be identified. This will be supplemented by the results of ongoing surveys of policy making and development interests on the operation and effectiveness of the schemes. Quantitative analysis of the costs and benefits of a selected number of property developments will be included and results compared with evaluations of similar schemes internationally. For the purposes of this paper particular attention will be paid to the direct and indirect impact of such incentives on the feasibility of development projects and real estate values including rental and site values. The paper will also address the effects of the termination of regeneration incentive programmes on urban regeneration areas and the general property market in central Dublin. Such findings will be compared with the results of related research internationally.