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Commission approves economic development tax exemption for Project Hydro at ITEC Park
Summary
The commission voted to adopt an ordinance granting an economic development ad valorem tax exemption to Project Hydro at ITEC Park. Staff said the applicant will construct at least $34 million in capital improvements; the exemption schedule phases down over nine years and does not apply to land value or other taxing authorities.
The City of Newberry commission adopted an ordinance granting an economic development ad valorem tax exemption to Project Hydro for a facility at ITEC Park.
Staff told commissioners the applicant indicated the first building would represent at least $34,000,000 in capital investment and that the proposed…
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