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Council approves adding CSC Leasing as sponsor affiliate to FILO agreement for Redwood Materials East LLC

5671256 ยท August 25, 2025

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Summary

Berkeley County Council voted to add CSC Leasing Company as a sponsor affiliate to the FILO agreement with Redwood Materials East LLC to permit leased equipment to take advantage of FILO terms; council recorded that the equipment remains taxable to the lessee.

Berkeley County Council approved a resolution authorizing the addition of CSC Leasing Company as a sponsor affiliate under the FILO (first-in-last-out) agreement between Berkeley County and Redwood Materials East LLC.

County counsel explained the resolution allows Redwood to lease about $8 million in personal property from CSC Leasing and still have access to FILO terms for that equipment. Counsel said the arrangement is a commercial leasing decision and that Redwood remains responsible for property taxes on the equipment. "This is, Redwood is gonna be leasing about $8,000,000 in personal property from this company, and they want this equipment that they're gonna be using and leasing to be able to take advantage of the FILO terms," counsel said.

Council moved and approved the resolution by voice vote with no roll-call tally recorded.

Ending: The council approved the affiliate addition by voice vote and recorded that the tax responsibility remains with the lessee.