CHARLESTON, S.C. (WCBD) — After several months of discussion, Charleston city leaders have voted to approve a finance plan for redeveloping a blighted area on the peninsula.
In addition to passing the Union Pier Tax Increment Financing (TIF) District, city leaders passed two intergovernmental agreements with Charleston County and the Charleston County School District .
A TIF is a financing tool created by a local government to encourage development or redevelopment in an area where it otherwise may not occur. The tool allows the agencies to collect property taxes on the area over the next 30 years and use that money for development projects.
Some plans for the Union Pier space include a world-class park, enhanced access to the waterfront area, more affordable housing, and added stormwater and flooding protections.
Mayor William Cogswell has been working to get the TIF district approved so development can begin to transform the over 60-acre area and generate revenue.
“Without public money from public infrastructure, this thing will remain a port terminal on a chain link fence, so this is an awesome opportunity for the city of Charleston,” said Mayor William Cogswell.