Charleston County approves part in Union Pier financing plan [Video]

CHARLESTON COUNTY, S.C. (WCSC) – Charleston County council members met Tuesday night and approved to be a part of the Tax Increment Financing District, or TIF, for the redevelopment of Union Pier.

Charleston mayor William Cogswell presented the redevelopment plan for Union Pier last month and county officials said they had until Nov. 4th to vote on if they wanted to be a part of it or not.

A TIF is a public financing tool designed to stimulate private investment in a blighted area.

Using a TIF system will allow the city to divert the property tax revenue generated by private redevelopment projects into a fund to pay for public infrastructure projects. This includes stormwater drainage, public spaces like parks, water access, as well as affordable housing at Union Pier.

Essentially, it will increase the assessed value of the property in the project area, which will lead to higher tax …