FLORENCE, S.C. — A manufacturing company could soon bring a $20 million investment and 29 new full-time jobs to Florence County.
On Thursday, Florence County Council members unanimously passed a resolution to give the company, currently identified as “Project Mimosa” to protect its identity, a tax incentive to come to the county.
“This is another exciting economic development announcement,” said County Administrator Kevin Yokim.
The resolution guarantees that, for 10 years, the manufacturing company will get 35% of its property tax bill back from the county.
The money given back to the company from its tax bill can only be used for “infrastructure serving a project or the county” or “improved and unimproved real estate and personal property used in the operation of a commercial enterprise or manufacturing facility,” according to the resolution.
The process of a county giving tax incentives in this way is called a special source revenue credit agreement.
The full agreement is not yet available, but it will eventually include milestones the company will need to hit in order to continue to receive tax benefits.
If the company does not meet the milestones, the county will be able to get the money back with a “clawback” provision in the agreement.
An ordinance was also introduced at Thursday’s meeting to include the project within a multi-county industrial park. The ordinance was “by title only,” meaning no additional information was given.
County Council members discussed “an economic development matter” during executive session, closed to the public, for around an hour. No action was taken after the executive session.