MORNING NEWSBREAK | Charleston City Council on Tuesday voted unanimously to pass the first of three readings to fund improvements at Union Pier through a new tax increment financing (TIF) district. The measure would allow the city to collect property taxes to make infrastructure improvements on the area’s 65 acres. The tax dollars would otherwise go to Charleston County and the Charleston County School District.
City officials said TIFs, which allow the city to borrow money based on future tax receipts in the special tax zone, have proven to benefit projects in the past, such as the King Street revitalization. Leaders say they hope to replicate the success with the Union Pier development.
“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,” Mayor William Cogswell in a report. “Parks, public access to the waterfront, affordable housing and resilience measures are all possible with a TIF, and we moved those goals forward tonight.”
Redevelopment of the property, recently purchased by local businessman Ben Navarro in a deal that has yet to close, could cost taxpayers around $400 million, according to media reports. Currently, the property provides zero tax revenue to the city, as the March sale to Navarro still has not closed, and its current owner, the State Ports Authority, is exempt from paying property taxes.
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