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Chester County OKs first readings for multiple development incentives; staff outlines terms
Summary
At a county council meeting, members approved first readings or related resolutions for a series of fee‑in‑lieu, infrastructure credit and bond measures tied to several industrial projects and a Richburg fire district financing; staff described incentive terms and clarified when incentives apply to equipment versus buildings.
Chester County Council members approved first readings or companion resolutions for several economic development measures and a financing ordinance during their meeting, moving multiple projects forward for later formal votes.
County officials presented ordinances authorizing fee‑in‑lieu (FIL) agreements, infrastructure credits and a financing ordinance for the Richburg fire protection district. Council approved first reading of an ordinance authorizing issuance of up to $250,000 in Richburg fire protection district improvement revenue bonds and a companion resolution declaring the county’s intent to reimburse certain pre‑closing expenditures related to a tax‑exempt financing.
The council also took up multiple FIL and incentive measures tied to named projects on the agenda. Staff described financial terms proposed for several projects: an inducement for “Project P2280” (identified in staff remarks as a Primerock/GAF warehouse adjacent to an existing industrial building) that included a 20‑year fee‑in‑lieu arrangement, a 6% assessment ratio and special source revenue credits (SSRCs) of 30% for years 1–5 and 15% for years 6–10. A separate ordinance and inducement resolution would allow inclusion of a project site in a multi‑county industrial park jointly with York County, which staff said can provide additional state tax credits and alter revenue distribution among taxing jurisdictions compared with a standard FIL arrangement.
For another project (listed as Project P2443), staff said the county is proposing an infrastructure‑credit agreement that functions like a FIL but applies to equipment rather than real property; the staff explanation noted the company will lease the building and the incentive would apply to equipment installed in that facility. For Project P2373 (Princeton New Energy), staff reported a 30‑year FIL with a 20% SSRC for the first five years and a 10% SSRC for years six through ten; staff said that project had purchased its building on Ecology Lane off Beltline and that equipment deliveries were expected to begin.
Council approved first reading or companion resolutions for the measures when asked to consider them. Staff identified statutory authority for multi‑county industrial parks and related inducement resolutions as coming from the South Carolina code sections referenced during the meeting.
Why this matters: the ordinances and resolutions on first reading enable the county to negotiate and finalize incentive packages that could affect tax revenue distribution, local job incentives and the county’s ability to issue debt for local infrastructure and public‑safety improvements. Council will return for final readings or subsequent approvals before agreements become binding.
What’s next: the items noted in this session proceeded on first reading or paired resolution votes; final adoption and any execution of agreements will require subsequent council action, ordinance second/third readings where required, and completion of documents between the county and project sponsors.
