Legislation Details

File #: 09-0341    Version: 1 Name:
Type: Recommendation Status: Passed
File created: 12/7/2009 In control: City Council
On agenda: 12/14/2009 Final action: 12/14/2009
Title: Consider agreements between the City and business units of Comporium regarding infrastructure grants to support Economic Development projects. Strategic Goal: Ensure the availability of competitive sites and services for business location and expansion inside the City.
Attachments: 1. Agreement

Title

Consider agreements between the City and business units of Comporium regarding infrastructure grants to support Economic Development projects.

Strategic Goal: Ensure the availability of competitive sites and services for business location and expansion inside the City.

Body

A.                     Consider Agreement Between the City and Rock Hill Telephone Company Related to SouthCross Corporate Center

 

Comporium Communications has tentatively committed $100,000 of Infrastructure Tax Credit funding to the SouthCross Corporate Center.  Through this State authorized program, Comporium receives a dollar-for-dollar credit against state license fees for investments made in qualifying economic development projects.  In this case, the funds will be used for infrastructure improvements constructed by Beacon Partners at SouthCross Corporate Center. SouthCross represents a total private investment of more than $10 million. Comporium will pay the funds to the City of Rock Hill.  The City is responsible for investing these funds in qualifying infrastructure projects.

 

Council is asked to approve the agreement.