First reading of tax plan to help revitalize Union Pier passes [Video]

CHARLESTON, S.C. (WCSC) – Charleston City Council members met to discuss the possibility of establishing a special financial district to use future tax revenue to fund improvements of a 65-acre property downtown.

Council members unanimously approved the first reading of the Union Pier tax increment financing district Tuesday evening.

The goal of the tax increment financing district, or TIF, is to encourage the growth and redevelopment of Union Pier. Using a TIF system would mean public tax dollars or funds would not be used to subsidize the private development. It would instead use tax revenue generated by redevelopment projects to create a space that the community can enjoy.

“I’m pleased that the council sees how crucial a TIF for Union Pier is to keeping the public’s interests at the forefront of this redevelopment,” Charleston Mayor William Cogswell said in a news release. “Parks, public access to the waterfront, affordable housing, …