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CDC board weighs name change as state bill could restore lending authority
Summary
Executive Director Thomas Foxley told the Gulliguchi CDC board that South Carolina Senate Bill 856 would reinstate the Community Economic Development Act, restoring statutory authority to make public grants and loans; the board asked staff to consult legal counsel and consider a name change that would add 'Economic' if the bill does not pass.
Executive Director Thomas Foxley told the Gulliguchi Historic Neighborhoods Community Development Corporation on March 18 that South Carolina Senate Bill 856, now in the Senate Finance Committee, would reinstate the Community Economic Development Act and thereby restore the statutory authority the CDC needs to grant and lend public funds.
"There’s currently a bill in the Senate Finance Committee introduced in January, Senate Bill 856, which effectively would reinstate the Community Economic Development Act," Foxley said, noting the original statute expired in June 2023 and that the CDC would need the law on the books to operate a public grant-and-loan program as planned.
The board discussed contingency options in case the bill does not advance. Several members urged a near-term consultation with legal counsel and recommended that the organization consider changing its corporate name to include the word "Economic" so it could lawfully carry out lending and grant-making even if the bill fails.
"That is absolutely a solution that we could… I would want to consult one more time with legal just to see what they're going to do," Foxley said in response to members who favored moving promptly on a name-change path. A member who said they had contacted Senator Davis reported that the senator expected to provide an update within days.
Board members framed the choice as a practical step to avoid delay: a name change could be implemented locally and might open additional grant opportunities, while continued legislative tracking and advocacy would remain necessary. Directors directed staff to (1) consult with legal counsel about the liabilities and mechanics of a name change, (2) continue tracking SB 856 through the Legislature, and (3) return with recommended next steps at a future meeting.
Why it matters: the statutory designation governs whether the CDC can distribute public dollars through formal grant or loan programs. Restoring or substituting that authority affects program design, eligibility, and which funds the organization can administer.
The board did not adopt a formal resolution at the March 18 meeting; members requested follow-up legal guidance and legislative updates before taking a final vote on any reorganization or renaming.
Next steps: staff will consult legal counsel, monitor Senate Bill 856, and bring options back to the board for decision at a subsequent meeting.
