Council advances $4.5 million special-source revenue credit for unnamed company after questions about details

Charleston County staff asked the Finance Committee to approve a special source revenue credit (SSRC) agreement not to exceed $4.5 million for a company whose name was not presented at the meeting.

A staff representative said the project builds on a fee-in-lieu (FILO) agreement the county approved in 2023 and that, if the SSRC is approved, the county expects roughly $29 million in FILO-related revenue over 17 years and an additional $3.4 million coming to the county from related activity. Staff said the deal is expected to retain about 160 existing jobs and create roughly 50 new jobs, with an estimated $2.5 million in new payroll for the new positions.

During questioning, Councilmember Larry Kombrowski and others asked for the company’s name, specifics about incentives and the duration of benefits. A staff speaker clarified that the SSRC being recommended is limited to “not to exceed $4,500,000.” A councilmember noted county revenue from the site in prior years was small and asked staff to confirm the projected five-year revenue increase; staff described an estimated $8,000,000 in new tax revenue over five years but the transcript included an inconsistent percentage figure that appears erroneous.

Council moved and seconded the item and the committee approved the SSRC by voice vote; the record in the meeting did not include a roll-call tally. Several council members said they favored using incentives strategically but pressed for more detailed information on the company and incentives ahead of Tuesday’s full-council vote.

The committee’s action advances the SSRC to the next legislative step; staff said the agreement would include routine provisions governing FILO and incentive performance.