By Matt Tomsic
Published Feb. 25, 2013
The Charleston County Council Finance Committee sent several economic incentives packages to the full committee Thursday, approving deals for an aerospace supplier, refrigerated storage facility and other businesses.
Steve Dykes, director for the county’s economic development department, briefed the committee on the projects. The first, code-named “Project Enjoy,” is a fee-in-lieu-of-taxes agreement for an existing company that’s planning a $22 million expansion, which will add more than 20 jobs, boost payroll by about $1 million and generate $1.5 million in new taxes during the next 20 years. The county will also provide a special-source-revenue credit.
The company is in its final stages of due diligence and has a meeting scheduled for early March, when it may make its decision.
“Initial approval would be one last step before they make a decision to expand,” Dykes said.
Dykes also presented an incentives package for SKF Aerobearings, another company contemplating a $3 million expansion that will add $850,000 to its payroll and also create more than 20 jobs. The package is also a fee-in-lieu-of-taxes agreement.
“If this name rings a bell, it’s because they’re in the community having already invested about $17 million over the years going back to 2000,” Dykes said, adding SKF supplies Boeing. “This is one way to keep SKF completely bullish on Charleston.”
The final two agenda items were both economic incentives packages for Millard Refrigerated Services, a cold storage distribution facility that announced a new location in Palmetto Commerce Park in January.
Dykes said the county is offering Millard a fee-in-lieu-of-taxes agreement and a special-source-revenue credit to help offset site preparation costs. South Carolina Electric & Gas is also offering an economic development grant that Charleston County will manage.
Millard expects to create 87 jobs and invest $42 million in North Charleston. The company hopes to begin operations by 2014.
The packages now go to Charleston County Council and will be voted on during its meeting Tuesday. The incentives for Project Enjoy, SKF and Millard must pass three readings at County Council before taking effect, but the SCE&G grant requires one reading.