(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) The incentives available for anticipated developments located within the corporate boundaries of the city at the time application is made (subject to the eligibility requirements of this economic development incentive program) are as follows:
(a) A rebate of the applicable development impact fees collected by the city in connection with a development at maximum percentages based upon the following minimum investment thresholds:
Minimum investment
|
Maximum rebate percentage
|
$250,000 | 25% |
$500,000 | 50% |
$750,000 | 75% |
$1,000,000 | 100% |
(b) A rebate of the applicable building permit fees collected by the city in connection with a development at maximum percentages based upon the following minimum investment thresholds:
Minimum investment
|
Maximum rebate percentage
|
$250,000 | 25% |
$500,000 | 50% |
$750,000 | 75% |
$1,000,000 | 100% |
(c) A rebate of the applicable annual business license fees collected by the city in connection with a development for a period of up to five years at maximum percentages based upon the following minimum investment thresholds:
Minimum investment
|
Maximum rebate percentage
|
$250,000 | 20% |
$500,000 | 30% |
$750,000 | 40% |
$1,000,000 | 50% |
(d) A rebate of the applicable annual local hospitality taxes collected by the city in connection with a development for the maximum period set forth below based upon the following minimum investment thresholds, but funds received through such incentive are to be spent only for purposes that are related to tourism, pursuant to S.C. Code § 6-1-730, which purposes are specified in the incentive agreement and approved by Council.
Minimum investment
|
Maximum rebate duration
|
$100,000 | 1 year |
$200,000 | 2 years |
$300,000 | 3 years |
$400,000 | 4 years |
$500,000 | 5 years |
(e) A rebate of the applicable annual local accommodations taxes collected by the city in connection with a development for the maximum period set forth below based upon the following minimum investment thresholds, but funds received through such incentive are to be spent only for purposes that are related to tourism, pursuant to S.C. Code § 6-1-530, which purposes are specified in the incentive agreement and approved by Council.
Minimum investment
|
Maximum rebate duration
|
$100,000 | 1 year |
$200,000 | 2 years |
$300,000 | 3 years |
$400,000 | 4 years |
$500,000 | 5 years |
(f) 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 incentive area.
(2) The incentives available for anticipated developments with pending petitions to annex into the corporate boundaries of the city (subject to the eligibility requirements of this economic development program) shall be the same as those available pursuant to division (B)(l) above, except with respect to rebate of the applicable annual business license fees collected by the city in connection with such a development for a period of up to five years at maximum percentages based upon the following minimum investment thresholds:
Minimum investment
|
Maximum rebate percentage
|
$250,000 | 25% |
$500,000 | 50% |
$750,000 | 75% |
$1,000,000 | 100% |
(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 incentive 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 the 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. 17-018, passed 8-8-2017; Ord. 2024-008, passed 5-14-2024)