(A) Multiple incentives. The Council may provide to an incentive recipient any combination of incentives provided for herein; provided, however, that the total amount of incentives given to a development must be in keeping with the goals, and the value of the benefits accruing to the city (and its citizens) must be greater than the financial value of the incentives to an incentive recipient.
(B) Incentives of the city. All direct incentives of the city shall be granted in the form of reimbursements and refunds of fees and taxes that have been duly paid to the city. No up-front abatements of fees or taxes shall be permitted. Where incentives continue for a period of more than one year, such incentives may be graduated to increase or decrease year-to-year as the Council sees fit, but subject to monitoring by the city to ensure compliance with the terms of any incentive agreement. The Council may, at its discretion and on a case-by-case basis, enter into an incentive agreement to reimburse or give a refund to any person, firm or corporation the following fees and taxes up to the amounts and percentages provided for herein:
(1) Up to 100% of the applicable development impact fees collected by the city;
(2) Up to 50% of the building permit fees collected by the city;
(3) Up to 50% of the business license fees collected by the city for as many as five years;
(4) Up to 50% of the local hospitality taxes collected by the city for as many as five years, but funds received through such incentives are to be spent only for purposes that are related to tourism, pursuant to S.C. Code § 6-1-730, and which have been approved by Council and included in the incentive agreement;
(5) Such other incentives that the Council, at its discretion on a case-by-case basis, determines are appropriate given the amount or type of investment made by the incentive recipient in the investment area.
(C) State incentive programs. The state programs that may be considered by Council to be included within any package of incentives or as a stand-alone set of incentives for in-city projects located outside of the development area, include the following:
(1) Property tax credits authorized by the provisions of the South Carolina Abandoned Buildings Revitalization Act, codified at S.C. Code §§ 12-67-100 et seq. (collectively, the "Abandoned Building Act"). Incentive recipients requesting consideration of the Abandoned Building Act by Council shall submit an Abandoned Building Act Application in a form to be provided by the city.
(2) The South Carolina real property tax credit for the installation of a fire sprinkler system, codified at S.C. Code § 12-6-3622.
(Ord. 2018-10, passed 7-9-18)