Title
An ordinance authorizing the execution and delivery of an Infrastructure Reimbursement Agreement by and between the City of Rock Hill, South Carolina and Winbro Group Technologies Inc. (the "Corporation"), a Massachusetts Corporation authorized to transact business in South Carolina and previously known to the City as “Project Windstar" 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
Project Winbro is a company considering a significant business investment in the City of Rock Hill. The company has asked the City to consider providing a Special Source Revenue Credit (SSRC) as an incentive to the company to locate this project in Rock Hill. The SSRC is a reimbursement of property tax revenues (actually fee in lieu of tax revenues) paid by the company to the City. The company will use these reimbursed funds to pay for certain capital investments related to its project. It has been the City's practice in the past to offer incentives of this type to significant new employers locating within the City. Attached to the ordinance as Exhibit B is the Infrastructure Reimbursement Agreement that describes the responsibilities of the City and the Company under this arrangement. The Agreement includes provisions that if the Company fails to meet its commitments related to taxable investment and/or jobs the incentives can be terminated and the company required to refund funds received from the City.
There have been several changes to the Ordinance and to the Infrastructure Reimbursement Agreement since first reading on October 11, 2010. Redline versions and clean versions of both documents are attached. The significant changes are summarized below.
1. The Company's commitments for investment and job creation in both phase 1 and phase 2 of the project have been amended. These changes have been made to allow the company protection against triggering the default provi...
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