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Council authorizes full available funding for North Greenwood Industrial Park phase 2
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Summary
Council authorized applying approximately $11.4 million (capital-project sales tax, spec-building proceeds and grants) to the North Greenwood Industrial Park Phase 2 site and spec-building project, with an estimated project cost of $10.3 million and a remaining $1 million for negotiated contracts; approval was unanimous.
Greenwood County Council on March 17 unanimously authorized applying the county's full available budget for the North Greenwood Industrial Park Phase 2 site development and speculative building project.
Economic Development Director James Bateman told council the full budget available from the 2016 capital project sales tax, sale of the first speculative building and grant dollars totals approximately $11.4 million; current cost for phase 2 site development and a second speculative building is roughly $10.3 million, leaving about $1 million to be used for negotiated contract execution.
"That full budget amount is approximately $11,400,000, and the current cost for the phase 2 site development and the second spec building project is approximately $10,300,000," Bateman said. He asked council to authorize the manager, attorney and deputy finance manager to negotiate and execute contracts within that remaining budget to deliver a marketable industrial product for future industries.
Council had previously discussed the industrial park in executive session; Bateman outlined funding sources and project scope in open session. On a motion by Mr. Allison and second by Miss Bishop, council voted unanimously to apply the funds and delegate contract-execution authority.
Implication: The authorization clears the way for site work and building development intended to make the industrial park immediately marketable to prospective employers; staff said the budget should leave a modest contingency for negotiation and finishing work.
