Charleston County expected to decide on Union Pier renovation funding plan

NORTH CHARLESTON, S.C. (WCSC) – The Charleston County Council is expected to decide whether it will join the Tax Increment Financing (TIF) District to redevelop Union Pier.

Charleston Mayor William Cogswell presented the plan back in September to the county council, and officials said the county must decide whether they want to participate by Nov. 4.

TIF is a government financing tool designed to stimulate private investment in the affected region. Using a TIF system means that state tax money or funds are not used to subsidize private development.

Instead, redevelopment uses tax revenue generated from redevelopment projects to create space that the community can enjoy. This plan will include improvements to storm drainage, public spaces such as parks, water access, and affordable housing.

Cogswell previously said the private investment could be worth about $2 billion and is expected to generate $47 million in tax revenue annually over 30 years.

This means the taxable entities, the Charleston County School District, Charleston County and the City of Charleston, will not begin receiving those revenues for 30 years, which is the end of the funding period.

During the TIF period, developers pay taxes, and once they start receiving income, it will go back into the TIF account and go back to the three entities.

Union Pier does not currently generate tax revenue for either company.

At the county’s finance meeting earlier this month, council members said they want Union Pier to be redeveloped, but they just need to first make sure they cover all their costs as they provide services to the area for the next 30 years.

The Charleston County School District approved TIF participation Monday evening. The county board is expected to make a decision at its meeting Tuesday night.

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