Here’s a recap of the Dec. 9 meeting of the Greenville City Council.
Final approval: TIF for Laurens Road redevelopment
Council unanimously approved the final reading of an ordinance establishing a tax increment financing district along a portion of Laurens Road. The approximately 223-acre district will be located along the east side of the corridor from Haywood Road to Verdae Boulevard.
Property tax allocations within the TIF district will be frozen for the next 30 years. As the district is redeveloped, the area’s assessed property values will increase and generate additional property tax revenue. The city estimates that approximately $31.5 million will be generated in annual incremental tax revenue once the redevelopment projects are completed.
Read more about the Laurens Road Redevelopment Plan
A portion of the additional property tax revenue will be used to fund public infrastructure projects such as roadway improvements, open space, utility infrastructure and more within the district. Verdae Development and Hollingsworth Funds will benefit from this investment as they plan to redevelop approximately 90 acres along Laurens Road into a mixed-use district.
The private development team will fund and complete the needed public infrastructure improvements for their project under a future development agreement with the city. The city will then issue up to $285 million in bonds to reimburse Verdae Development for the work. The bonds will be repaid using 50% of the additional property tax revenues.
The remaining additional tax revenue will be allocated to the other taxing entities including Greenville County, Greenville County Schools, the Greenville Area District and the Greenville County Museum Commission.
Council gave initial approval to the redevelopment plan in October which started a 45-day public comment period. Greenville County Council and Greenville County Schools board of trustees also approved the Laurens Road TIF district plan during separate meetings in November. A public hearing was held during the City Council meeting on Dec. 9.
Approved: Abandoned textile mill tax incentive for Woven project
Woodfield Development will soon begin constructing an approximately $90 million mixed-use development called Woven in the Village of West Greenville. The project will be located on 13 parcels of land at 1279 Pendleton St.
Council voted four to three to certify the development’s property as an abandoned textile mill under the South Carolina Textile Communities Revitalization Act. The development project sits within the former Brandon Mill Textile area.
The act grants income tax credits of 25% of the qualified rehabilitation expenses for the site. Sam Konduros, president and CEO of the Greenville City Economic Development Corp., explained to council during an Oct. 14 work session that the qualified expenditures for the project are estimated to be approximately $85 million.
Initial approval: West End parking garage development agreement
Council gave initial approval for the city to enter into a development agreement with RocaPoint Partners, the developer of the $1 billion County Square project, to build a public parking garage in the West End. Initial approval was also given by council to allocate $13.38 million from the city’s parking fund to cover the project’s cost.
The private developer will be responsible for the design and construction of a 400-space parking garage on Howe Street. A pedestrian walkway will be built to connect the garage to Augusta Street. The project is projected to be completed in March 2026. After construction, the city will manage the facility.
Additional items
- Council unanimously approved the new Greenline-Spartanburg Neighborhood Plan. The plan recommends traffic improvements, affordable housing and infrastructure updates within the neighborhood.
- 426 N. Main LLC purchased the Greenville City Municipal Court and is currently working to purchase the American Legion’s 0.35-acre parcel at 430 N. Main St. The city deeded the parcel to the American Legion in 2000. Council gave initial approval for City Manager Shannon Lavrin to terminate the original deed’s reverter clause which would give the title back to the city.
