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Council advances special‑source revenue credit for Project Metallica; staff says $6.5M investment, 20 jobs
Summary
Hampton County advanced the second reading of a special source revenue credit agreement tied to 'Project Metallica'—described as a roughly $6.5 million investment expected to create about 20 jobs—and authorized staff to proceed to the public hearing and third reading as required.
Hampton County Council on Dec. 1 advanced the second reading of an ordinance authorizing a special source revenue (SSR) credit agreement between the county and a private company associated with "Project Metallica." A presenter identified the project as a roughly $6.5 million investment in the county expected to create about 20 new jobs.
Council members asked for documentation supporting the SSR details and staff confirmed legal review had been performed by Parker Poe. The presenter explained the SSR is an adjustment of property tax credits tied to the company’s current property and a proposed expansion; expansion credit percentages discussed in the meeting ranged from 15% to 30% depending on the term and county practice.
A motion to authorize execution and delivery of the SSR credit agreement was made, seconded and approved by a show of hands. The ordinance as read in the meeting alternately names the company as "Iron Line Metals LLC" and later in the motion text as "Iron Meadows LLC;" transcript language contains both variants. The council and staff stated that, if approved through third reading and the required public hearing, the credit must be finalized before the end of the calendar year for the project to proceed without restarting the process.
