City of Rock Hill - File #: 10-0016

• File #: 10-0016
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 1/19/2010
• In control: City Council
• On agenda: 1/25/2010
• Final action: 2/8/2010
• Title: An Ordinance authorizing the execution and delivery of an Infrastructure Reimbursement Agreement by and between the City of Rock Hill, South Carolina and Action Stainless & Alloys, 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
2/8/2010	1	City Council
1/25/2010	1	City Council

Title

An Ordinance authorizing the execution and delivery of an Infrastructure Reimbursement Agreement by and between the City of Rock Hill, South Carolina and Action Stainless & Alloys, 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

City Council approved an Infrastrucure Reimbursement Agreement with Action Stainless and Alloys on October 26. 2009.  This action was done by resolution. Staff has now learned that this action requires approval by ordinance. The purpose of this action is to approve the Infrastructure Reimbursement Agreement with Action Stainless and Alloys by ordinance.

The original agreement with the City allowed for reimbursement of 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.  Action Stainless & Alloys, Inc. opened their business on Hollis Lake Road in the spring of 2009 with an investment of nearly $2.6 million and brought 17 new jobs to Rock Hill paying at or above the average wage in York County.