Credit: charleston-sc.gov
Tonight, Charleston City Council passed a measure to establish a Tax Increment Financing (TIF) District at Union Pier. The vote included the passage of two Intergovernmental Agreements (IGAs) with Charleston County and the Charleston County School District (CCSD)—the first of their kind in the city's history. These agreements will allow the county to acquire additional parking spaces, benefiting the county's financial outlook. Additionally, CCSD will acquire the third floor of 75 Calhoun Street, currently leased by the city, enabling the consolidation of its staff and saving approximately $14 million annually, as they have been relying on trailers for office space in North Charleston.
The TIF District is a result of collaboration among City Council, Charleston County Council, and CCSD, and will allow for public investments in enhancing green spaces, waterfront access, and affordable housing by capturing property taxes from the 60+ acre site over the next 30 years. It aims to ensure that developments respect the city's character, maintain appropriate density, and include a public engagement process for community input.
Additionally, the county, city, and school board are set to benefit from increased revenue generated through the accommodations tax, hospitality tax, and sales tax associated with Union Pier development. Downtown CCSD schools are currently operating at 40% below capacity, and these developments will add more students which in turn means more funding benefiting CCSD students and teachers.
“By coming together as a community, we can achieve remarkable outcomes,” said Mayor William Cogswell. “I am grateful to our partners in this effort and look forward to the positive changes that this project will bring to our beloved city. This is not the finish line, but the starting gun for a community driven process that will lead to a Union Pier centered around the needs of residents of our great city.”
