Title
Consider the approval of an agreement between the City of Rock Hill and Comporium Communications to provide an Infrastructure Tax Credit for the benefit of Work Place Resources.
Strategic Goal: Attract high quality jobs and businesses to Rock Hill, particularly manufacturing, corporate offices and distribution facilities.
Body
Comporium Communications has committed $50,000 of infrastructure tax credit funding to Work Place Resources, LLC (Composite Resources). Through this state authorized program, Comporium receives a dollar-for-dollar credit against state license fees for investments made for economic development projects.
Through this agreement, Comporium commits $50,000 to the city. These funds will be paid to the City before the end of the year. The City is responsible for investing these funds in infrastructure projects.
Council is asked to approve the agreement.