How Galway businesses could get a commercial rates break in bid to tackle vacant city units
New businesses taking over vacant retail spaces in Galway City may not have to pay first-year Commercial Rates.
A proposal to implement a Commercial Rates Waiver for businesses in vacant city buildings will soon be voted on by Galway City councillors.
If approved, qualifying businesses will have their first year of commercial rates fully waived. In the second year, 50pc of the rates will be waived, and 25pc in the third year.
Commercial Rates are charges on business properties. The money feeds back into the Budget to provide various city-wide services.
They are calculated by multiplying the value of the property with the annual rate on valuation (ARV) decided by the Council at the annual budget.
The proposal was brought forward by Galway City Councillor Clodagh Higgins through the Corporate Development Strategic Policy Committee. Garnering the support of the committee, the idea will make its way to the chamber for a full City Council vote soon.
“Starting a business takes courage and considerable financial risk. If someone is prepared to take a punt on Galway and turn an empty premises into a viable business, I think it makes sense to give them some encouragement in those crucial first years,” Cllr Higgins said.
“The objective is not simply to support new businesses but to strengthen Galway’s entire business community. Galway already has fantastic businesses that employ people, invest in our city and contribute enormously to its character. We need to support and protect that,” she added.