City of Rock Hill - File #: 11-0090

• File #: 11-0090
• Version: 1
• Type: Resolution
• Status: New Business Item
• File created: 6/20/2011
• In control: City Council
• On agenda: 6/27/2011
• Final action: 6/27/2011
• Title: Consider a Resolution authorizing certain actions by officials of the City of Rock Hill, South Carolina in furtherance of the execution and delivery of an infrastructure reimbursement agreement by and between the City and a company known to the City as "Project Daisy" pursuant to Title 4, Chapter 1 and Chapter 29, Code of Laws of South Carolina, 1976, as amended; and other matters relating to the foregoing. Strategic Goal: Attract high quality jobs and businesses to Rock Hill, particularly manufacturing, corporate offices and distribution facilities and develop and implement incentive programs to support private investments that aid in the achievement of the City’s economic and community development goals.

Date	Ver.	Action By	Action	Result
6/27/2011	1	City Council

Title

Consider a Resolution authorizing certain actions by officials of the City of Rock Hill, South Carolina in furtherance of the execution and delivery of an infrastructure reimbursement agreement by and between the City and a company known to the City as "Project Daisy" pursuant to Title 4, Chapter 1 and Chapter 29, Code of Laws of South Carolina, 1976, as amended; and other matters relating to the foregoing.

Strategic Goal: Attract high quality jobs and businesses to Rock Hill, particularly manufacturing, corporate offices and distribution facilities and develop and implement incentive programs to support private investments that aid in the achievement of the City’s economic and community development goals.

Body

The Economic and Urban Development Department is recommending approval of the attached Resolution between the City of Rock Hill and Project Daisy.  Project Daisy is an economic development prospect that is considering a major investment in Rock Hill.  This resolution is a preliminary step by the City to indicate the City's willingness to provide certain incentives as an inducement for Project Daisy to locate in Rock Hill.  The City's incentive would reimburse certain costs incurred by the company in constructing the new facility.  The reimbursements would be made annually from property tax payments made by the company to the City.  The reimbursements are limited to no more than five years of City taxes to be paid by the company.  With City Council's approval of this Resolution, staff and attorneys will prepare ordinances related to these incentives for consideration by City Council.