Conway council approves second reading to establish riverfront downtown redevelopment TIF district

Conway City Council on Dec. 1 approved the second reading to establish a riverfront and downtown redevelopment project area, a tax-increment finance (TIF) district intended to spur private investment in the city’s riverfront core.

The measure passed on second reading by unanimous voice vote. Council discussion was led by the city’s legal representative, who described the district as covering approximately 294 parcels totaling roughly 450 acres, including the Granger site recently acquired from Santee Cooper. The attorney said the plan anticipates about $170,000,000 in private investment and approximately $80,000,000 in public investment tied to redevelopment projects such as riverfront hotels, restaurants and liner buildings.

The attorney said the ordinance, if adopted, sets the tax valuation baseline as of Dec. 31 so future increases in assessed value can be captured as increment to support public investments in the district. He described the action as a procedural step that does not itself change anyone’s tax bill but establishes a framework for capturing future incremental revenue tied to new investment.

Council members asked about notice to property owners and the mechanics for adding or removing parcels in the future. City staff said parcels are disclosed in the redevelopment plan and published map; any later additions would require a public hearing and two further readings under the statute cited during discussion. The attorney noted a statutory procedure would apply to future amendments.

Next steps noted by staff include continued negotiations with the school district and Horry County about participation terms, and subsequent presentations to those bodies early in the new year. The ordinance moves forward to final adoption procedures as determined by the council.