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Aerospace giant to be partner in new facility
By Dan McCue
Staff Writer
SKF Aerospace, a leading manufacturer and supplier of bearings, seals and other aircraft components is the majority stakeholder in the joint venture planning a new manufacturing facility in Palmetto Commerce Park in North Charleston, according to aviation industry sources.
The company, which is headquartered in Great Britain, is a major supplier to Rolls Royce, Pratt & Whitney, General Electric and other international aerospace companies.
GE is also said to be a participant in the Palmetto Commerce Park venture, according to sources.
Last year, a subsidiary of the company, SKF Aero Bearings, an affiliate of the company, and maker of bearings and anti-friction solutions for aerospace, automotive and manufacturing processes, announced a $6.5 million expansion of its existing facility here.
In July the Charleston County Council approved a fee-in-lieu-of-taxes agreement with a mystery company that will soon be investing $38 million, including $9.7 million for a new manufacturing plant, to be located in the commerce park.
The project, code named “Project SG Ventures,” was described in council documents as a leading manufacturer that has been actively engaged in discussions with county Economic Development Director Steve Dykes since February, and chose the commerce park site after considering a number of locations throughout the Southeast.
The company plans to employ as many as 80 people here at an average salary of $24 an hour. The council documents describe the company as having an annual payroll of approximately $3.84 million.
“This is a big opportunity,” said Dykes during the council’s July 24 meeting. “It’s a manufacturer requiring a healthy head count of employees, paying good salaries and committing to making a significant capital investment in our community.”
He declined to disclose any further information about the company, citing confidentiality agreements.
Dykes did not immediately return a call for comment on Thursday. Representatives of the Charleston Regional Development Alliance also could not be reached for comment at presstime.
A related fee-in-lieu-of-taxes agreement with Project Gwinn, said to be GE, will also feature an assessment ratio of 6% over the next 20 years.
Also provided is a special source revenue credit equal to 6.8% of fee-in-lieu-of-taxes revenues for Project Gwinn to address several public infrastructure, site and building construction costs. This special source revenue credit applies to the first four years that fee-in-lieu-of-taxes payments are received and has been capped at $357,000.
Although the council’s action effectively committed it to the agreements, it will still have to revisit the matter in the form of a formal ordinance shortly before construction on the project begins.
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