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County advances first reading for confidential 'Project Ed' industrial proposal with tax incentives
Summary
Orangeburg County Council approved first reading of a fee-in-lieu and special-source revenue credit package for a confidential prospect called "Project Ed," which the county attorney said would sit on about 20.35 acres, involve roughly $248.2 million in capital investment and create about 155 jobs over five years.
Orangeburg County Council advanced an ordinance on first reading on Sept. 2 to authorize a fee-in-lieu-of-taxes agreement and staged special-source revenue credits (SSRCs) for a confidential project identified in county materials as "Project Ed." The council also adopted a related resolution enabling the prospect to begin counting investments toward the project immediately.
The county attorney summarized terms the prospect shared with the county: the project would locate on about 20.35 acres the county currently owns near the municipal airport and Prosperity Drive, involve approximately $248.2 million in capital investment and is projected to create roughly 155 jobs over five years. The proposed incentives include a 30-year fee-in-lieu arrangement with an unusually low assessment ratio (6% reported in the attorneys summary) and SSRCs phased at about 55% in year one, 40% in years six through 15 and 25% in years 16 through 30.
"This resolution is good news," the county attorney said, describing the commitment resolution as a way for the prospect to start investing immediately and have those investments count toward incentives. The attorney also said the prospect intends to participate in a multi-county industrial park with neighboring Dorchester County.
The ordinance was advanced by voice vote on first reading. County staff and the development commission will continue to withhold the projects public identity until the South Carolina Department of Commerce makes a planned announcement (cited by the attorney as anticipated around Oct. 7). The attorney cautioned that some state-level incentives exist beyond the county's control and did not detail those programs during the summary.
Council members did not debate specific operational details at length during the first reading; the summary on the record came from the county attorney at the councils request and the council approved first reading and the companion resolution permitting the prospect to begin counting qualifying expenditures.
Next steps: the county will publish more formal incentive documents and return the ordinance for subsequent readings; a state announcement is expected in early October that may identify the company and provide additional details.
