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Council adopts ordinance creating Herald Municipal Improvement District for former newspaper site
Summary
City Council approved an ordinance to create a Municipal Improvement District (MID) covering roughly 7.35 acres at the former Herald site; the owner WP Herald LLC has consented and the ordinance sets a mechanism for future infrastructure financing without incurring city debt now.
The Rock Hill City Council on Monday adopted an ordinance creating the Herald Municipal Improvement District (MID) for the roughly 7.35-acre former Herald newspaper site, city staff said.
Anne Harney (staff member) told council the MID is a financing tool that would dedicate future tax receipts generated by development on the site to pay for public infrastructure through assessments, bonds or other revenue mechanisms. She said the ordinance sets up the mechanism and documents the developer’s guarantee; it does not itself incur debt for the city.
“The creation of the MID ordinance is part of the process of developing the roughly 7 acres, the former site of The Herald newspaper,” Harney said. She added the property owner, WP Herald LLC, has consented to the MID since first reading on Jan. 13, and staff finalized the improvement plan, assessment roll and rate-and-method attachments before second reading.
Harney said any future infrastructure plans supported by the MID would return to council for approval as development details unfold. Council moved and seconded the ordinance for second reading and adoption; members voted in favor on a voice vote with no recorded opposition.
The ordinance limits the MID to the site and sets the assessment role and developer obligations for potential future bonds or assessments. Harney emphasized that the MID establishes a financing structure for a future development project but does not create immediate indebtedness for the city.
