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York County committee weighs Bailey bill tax-assessment freeze, considers corridor pilot for American Thread building
Summary
County staff presented options to adopt the Bailey bill (a local assessment-freeze incentive) for historic redevelopment, discussed terms (10'20 years, 20'75% minimum investment in examples) and whether to pilot the tool on the American Thread building or a corridor linking municipalities; staff will draft a framework and return to the committee.
County economic development staff and an incoming specialist presented the Bailey bill, a local assessment-freeze tool used by other South Carolina localities, and the committee debated whether to apply it countywide, apply it only to municipal millage, or pilot it for a targeted project such as the American Thread building in Clover.
Eduardo, introduced to the committee as an economic development specialist, summarized examples from across the state and explained how the Bailey bill typically works: a property owner who invests to rehabilitate an eligible historic property keeps the pre-investment tax assessment for a set period (the statute allows up to 20 years). In practice,…
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