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County approves FILOT for 'Project Bubble'—$38.9M investment, 108 jobs pledged
Summary
Florence County approved second reading of a Fee-In-Lieu-Of-Tax (FILOT) agreement for 'Project Bubble,' a manufacturer committing $38.925 million in investment and promising 108 jobs; the FILOT includes a 6% assessment ratio, SSRC credits and a $250,000 infrastructure grant with clawback provisions tied to jobs and investment.
Kevin Yokim, Florence County administrator, presented the terms of Ordinance No. 52-2025/26 on May 21, describing the proposed tenant as "Project Bubble," a manufacturing project that would invest $38,925,000 in Florence County and create 108 new jobs. Yokim told Council the FILOT locks in a 6% assessment ratio, fixes the millage rate for the first five years (with five-year trailing adjustments thereafter) and provides Special Source Revenue Credits equal to 20% of FILOT payments in years 1–10 and 10% in years 11–40.
The county also agreed to offer a $250,000 infrastructure grant to offset company infrastructure costs; the grant and SSRCs include clawback provisions measured 50/50 on jobs and investment. Council voted to approve the ordinance on second reading and separately approved an amendment to the multi-county industrial and business park agreement with Marion County so the Project Bubble property may be included in the jointly operated park.
