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Council approves fee‑in‑lieu for 'Project Bubble,' cites $38.9M investment and 108 jobs
Summary
Florence County approved a fee‑in‑lieu agreement and multi‑county park boundary amendment tied to 'Project Bubble,' a manufacturing investment the county reported at $38,925,000 and expected to create 108 jobs; the agreement includes fixed assessment terms and county infrastructure support.
County Attorney summarized an economic‑development package tied to an unnamed company referred to in the meeting as "Project Bubble." According to the summary read to council, Project Bubble will invest $38,925,000 in the project, with roughly $37,000,000 of that in real property. The company is expected to create 108 new jobs in Florence County.
The fee‑in‑lieu agreement approved by ordinance would fix a 6% assessment ratio and establish a millage rate fixed for the first five years and adjusted every five years thereafter to a trailing‑average formula described in the documents read into the record. The County Attorney also said the agreement includes special source revenue credits and a $250,000 county grant to offset infrastructure costs included by the company. Council voted to approve the fee‑in‑lieu agreement (Ordinance 52) and an amendment to the joint county industrial business park boundaries to include Project Bubble property (Ordinance 53).
During the reading, the County Attorney described a clawback provision tied to jobs created and investment levels and noted the county may use multi‑county industrial park revenues to reimburse the $250,000 grant. The County Attorney also said the company name would be disclosed at third reading. No council member provided substantive opposition during the discussion; both ordinances passed on the third reading.
