Sumter County adopts inducement resolution to negotiate FILOT incentives for 'Project Black Nickel'
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Summary
Council unanimously adopted R‑23‑05 to authorize negotiation of a fee‑in‑lieu‑of‑tax agreement for an unnamed investor called Project Black Nickel; the resolution conditions incentives on a sponsor commitment to at least $150 million in enhanced investment and creation of 125 jobs within an 8‑year investment period.
Sumter County Council on Nov. 14 adopted R‑23‑05, an inducement resolution authorizing the county to negotiate a fee‑in‑lieu‑of‑tax (FILOT) agreement and related infrastructure credits for an entity identified as Project Black Nickel.
County Attorney Johnathan Bryan presented the resolution, which cites the county’s authority under the FILOT Act (Title 12, Chapter 44) and the Multi‑County Park Act (Title 4, Chapter 1). The resolution authorizes the county to negotiate an agreement provided the sponsor commits to a minimum enhanced investment of $150,000,000 in economic development property during an eight‑year investment period and to create at least 125 full‑time jobs with benefits during that period. If those thresholds are met and a fee agreement is signed, the resolution contemplates offering a FILOT for up to 40 years, an assessment ratio not to exceed 4%, and an initial millage rate of 348.47 mills (subject to adjustment every five years).
The resolution also contemplates infrastructure credits under the Special Source Act and describes an anticipated schedule of special source credits as a share of FILOT payments: 75% in years 1–10, 60% in years 11–20, and 20% in years 21–30. The resolution states that expenditures made before the resolution date may qualify as economic development property if the project is identified by the County and the parties enter into an appropriate fee agreement.
The resolution text included an anticipated total investment figure provided by the sponsor; the meeting text listed that figure with punctuation that made the number ambiguous. The resolution conditions final incentives on the sponsor’s executed fee agreement and the county’s legal requirements.
Councilman Eugene R. Baten moved to adopt the resolution, Vice Chairman James R. Byrd, Jr. seconded, and council voted unanimously to adopt and authorize the chairman and clerk to execute the resolution on behalf of Sumter County.