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County economic-development staff says incentives have returned about $10.88 per $1; school CFO outlines $28M annual receipts
Summary
Charleston County Economic Development staff presented revenue figures and said incentives are performance-based; School District CFO Daniel Prentice said the district receives about $28 million a year (about $17 million fee-in-lieu) and staff cited a county-level return-on-investment estimate of roughly $10.88 per $1.
Charleston County Economic Development staff gave a detailed briefing to the finance committee on the department's funding, the county's use of incentives and the financial impact on taxing entities.
Presenter Mister Johnson told the committee that Charleston County Economic Development (CCED) operates as an enterprise fund and is primarily supported by revenues collected from taxing entities that receive incentives. He said the department tracks multiple revenue streams and that some incentive-related details are subject to legal confidentiality until deals are finalized.
Daniel Prentice, identified in the meeting as the school district's chief…
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