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Conway council approves second reading for riverfront downtown redevelopment TIF district
Summary
Council approved second reading of a tax increment financing district for the riverfront and downtown redevelopment plan, a measure that establishes a baseline tax value for roughly 294 parcels to enable future public investment as private development occurs.
Conway City Council approved the second reading of an ordinance to establish a riverfront downtown redevelopment tax increment financing (TIF) district at its Dec. 1 meeting, voting unanimously.
The ordinance, described by attorney Gary Pope of Pope Flynn, would establish a district of "294 parcels of about 450 acres," targeting riverfront hotels, restaurants and redevelopment. Pope told council the plan "anticipates about a $170,000,000 of private investment, approximately $80,000,000 of public investment." The district sets a tax base as of Dec. 31 to allow future increases to be captured as an increment for public projects.
Council members asked how affected property owners will be notified and whether two parcels removed earlier could be added back. Pope said parcels were publicized through the ordinance process, a published map and a PIN list and that adding parcels later requires following the statutory amendment process and another public hearing and two readings of an ordinance.
Pope also said the city expects to negotiate participation terms with the school district and Horry County in the coming months; those entities "have sort of reserved their rights to participate" and the city plans to take the plan to the school district and then Horry County Council.
The second reading passed on a motion by Mayor Pro Tem Goldfinch and a second; the vote was unanimous. With second reading approved, the city will proceed with steps to finalize the redevelopment plan and begin negotiations with other taxing entities.
Council materials indicate the TIF plan is intended to catalyze work at the recently acquired Granger site, the Kingston Ferry, a number of riverfront projects and related downtown improvements.
