CHARLESTON, S.C. (WCIV) — In a unanimous vote, the Charleston City Council moved to establish a tax increment financing district for the Union Pier property Tuesday evening.
The vote signals to Charleston County Council and the Charleston County School District to start a 45-day voting process to establish the TIF, which would allow money generated from property taxes to be used to build Union Pier’s public infrastructure, city officials said.
“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.”
TIF funds will be managed with public input and strict oversight, ensuring Union Pier evolves according to our community’s needs, city officials said in a news release following the unanimous vote.
Currently, Union Pier generates no tax revenue, but redevelopment could bring in up to $22 million annually for our schools after it is fully developed, city officials said.
Further discussion around the TIF and Affordable Housing will be held during a special meeting of the Community Development Committee on Sept. 26 in Council Chambers. This meeting will be open to the public.
READ MORE | “Charleston City Council to vote on tax increment finance district for Union Pier.”
