Charleston County approves incentive agreements and clears bond finding for park district

Charleston County Council on third reading approved an ordinance authorizing a special source revenue credit agreement with Mainstream Pine Products LLC and, in separate votes and motions, approved fee-in-lieu incentive measures and a finding that the Charleston County Park and Recreation District may issue up to $70,000,000 in general obligation bonds.

The council passed the Mainstream Pine Products ordinance on third reading by a roll-call tally of 7 ayes, 1 nay and 1 absent. Councilmembers recorded ayes from Darby, Honeycutt, Moody, Pryor, Sass (listed), Worman and Boykin; Koprowski voted nay and Middleton was absent. The ordinance was described in the public notice as authorizing execution and delivery of a special source revenue credit agreement between Charleston County and Mainstream Pine Products LLC.

Staff also presented two additional economic incentive items described as fee-in-lieu tax agreements. A staff presenter identified one arrangement as 'Project Clean,' a fee-in-lieu with a fixed millage rate and a 6% assessment ratio over 20 years. Staff said Project Clean would include approximately $1,500,000 in taxing revenue with roughly $228,000 going to Charleston County; the presentation described a fiscal benefit/cost ratio of 8:1 and estimated 30 new jobs at an average wage of $50 per hour.

A second fee-in-lieu agreement for Center Capital Partners (d/b/a Charleston Southrail SPV LLC) was presented as projecting roughly $1,600,000 in taxing revenue with about $213,000 attributable to the county. Staff characterized the fiscal benefit as roughly $1 of incentive yielding $4 to the county and said a prospective tenant in aerospace manufacturing was under consideration; the proposal was approved by voice vote.

Council also considered an ordinance finding that the Charleston County Park and Recreation District may issue up to $70,000,000 in general obligation bonds; staff framed this as an authorization/finding to allow the district to issue bonds and the council approved the finding.

During discussion, Councilmember Koprowski asked staff to state for the public what the incentives entail, what the county is giving up and what it is gaining. A staff presenter summarized expected revenue streams, assessment ratios and estimated job counts and wages for the projects under consideration.

Public comment included extended remarks from Anthony G. Bryant, who said he opposed some incentives and expressed concerns about neighborhood impacts, legal filings and community notice; his statements were part of the public comment record and were provided to the clerk.

Next steps: the Mainstream Pine Products ordinance concluded its third reading and passed; fee-in-lieu agreements and the bond finding were approved by council voice votes. Where council approved items 'by voice vote' the record did not include a roll-call tally in the transcript portion provided.