Charleston City Council tonight voted unanimously to initiate the establishment of a tax increment financing (TIF) district for the Union Pier property. This vote now signals Charleston County Council and the Charleston County School District to begin a 45-day process to hold votes on the establishment of the TIF.
“I’m pleased that the council sees how crucial a TIF for Union Pier is to keeping the public’s interests at the forefront of this redevelopment,” said Mayor William Cogswell. “Parks, public access to the waterfront, affordable housing, and resilience measures are all possible with a TIF and we moved those goals forward tonight.”
The city says the TIF funds will be managed with public input and strict oversight, ensuring Union Pier evolves according to the community’s needs.
Currently, Union Pier generates no tax revenue, but the city believes redevelopment could bring in up to $22 million annually for local schools after it is fully developed.
Further discussion around the TIF and Affordable Housing will be held during a special meeting of the Community Development Committee on September 26th in Council Chambers. This meeting will be open to the public and shared online.
