City of Rock Hill - File #: 10-0025

• File #: 10-0025
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 2/3/2010
• In control: City Council
• On agenda: 2/22/2010
• Final action: 2/22/2010
• Title: An Ordinance authorizing the execution and delivery of an Infrastructure Reimbursement Agreement by and among the City of Rock Hill, South Carolina, Retford Investments LLC and Bradman-Lake, Inc. 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.

Date	Ver.	Action By	Action	Result
2/22/2010	1	City Council
2/8/2010	1	City Council

Title

An Ordinance authorizing the execution and delivery of an Infrastructure Reimbursement Agreement by and among the City of Rock Hill, South Carolina, Retford Investments LLC and Bradman-Lake, Inc. 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.

Body

The Economic and Urban Development Department is recommending approval of the attached Infrastructure Reimbursement Agreement and Ordinance between the City of Rock Hill, Retford Investments, LLC and Bradman Lake, Inc. Through this agreement the City will reimburse certain costs incurred by the company in constructing the new facility.  The reimbursements will 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.  Bradman Lake will be located in SouthCross Business Center and will invest nearly $3 million in land and equipment and bring 50 new jobs to Rock Hill paying at or above the average wage in York County.