FLORENCE, S.C. – Two companies are looking to invest a combined $46 million in Florence County.
The Florence County Council voted unanimously Thursday morning to approve on second readings ordinances authorizing a fee-in-lieu-of-taxes agreement with “Project Ice,” and held the first reading of an ordinance authorizing a fee-in-lieu-of-taxes agreement with “Project Jam.”
The council also unanimously approved an ordinance adding the Project Ice property into a joint county industrial park between Florence and Marion counties and resolutions providing for fee agreements with both companies.
The ordinances do not specify what company Project Ice is or where it will be located but do add that the company would invest $35.6 million and create 179 jobs at a manufacturing facility to be established in the county.
Florence County Administrator K.G. “Rusty” Smith Jr. said at the meeting that company would invest $8 million in land and the remaining $27.6 in machinery and equipment.
In exchange, Florence County would provide a fee-in-lieu-of-taxes agreement, a $25,000 economic development grant, and special source revenue credits to the company.
Smith said Thursday the agreement is for 30 years at a 6% assessment ratio with a 0.3611 millage rate, 10-year credit of 50%, and a clawback provision if the company fails to meet its promises.
The ordinance involving Project Jam was read by title only at the meeting.
Smith said at the meeting Thursday that Project Jam would represent an investment of $11.2 million in Florence County — $9 million in land and $2.2 million in other assets — and the creation of 150 new jobs over five years.
He added that the agreement between the company and the county was for 30 years. Smith said the agreement calls for an assessment ratio of 6% and a millage rate of 0.361 mills. He added that the county would provide a 50% credit for the first five years and then 25% for the remaining 25 years.
Smith said the agreement also calls for an additional credit if the company invests $7 million or more between years five and 10 of the agreement and a clawback provision if the company fails to meet its promises.
The county also approved the use of a $1.5 million grant received from the South Carolina Department of Commerce to purchase 80 acres of property in the Lake City Commerce Park.