Charleston County expected to decide on Union Pier redevelopment financing plan [Video]

NORTH CHARLESTON, S.C. (WCSC) – Charleston County Council is expected to decide whether it will join a Tax Increment Financing District, or TIF, for the redevelopment of Union Pier.

Charleston Mayor William Cogswell presented the plan back in September to the county council and officials said the county had to make a decision on whether they wanted to be a part of it by Nov. 4.

A TIF is a public financing tool designed to stimulate private investment in a blighted area. Using a TIF system means public tax dollars or funds are not used to subsidize private development.

Instead, the redevelopment uses tax revenue generated by redevelopment projects to create a space that the community can enjoy. That plan would include improving stormwater drainage, public spaces such as parks, access to the water, as well as affordable housing.

Cogswell said previously that this private investment could be worth about …