Charleston County leaders discuss involvement in Union Pier financing plan [Video]

CHARLESTON, S.C. (WCSC) – Charleston County Council members met on Thursday night to further discuss their involvement in the Union Pier redevelopment plan.

City of Charleston Mayor William Cogswell showcased the Tax Increment Financing District, or TIF, for Union Pier to county council members last month.

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

Using a TIF system would mean public tax dollars or funds would not be used to subsidize private development. It would instead use tax revenue generated by redevelopment projects to create a space that the community can enjoy.

Some of the projects in the mixed-used redevelopment plan would include improving stormwater drainage, adding public spaces such as parks, public access to the water, as well as affordable housing.

Right now, Union Pier does not bring in any tax revenue for the entities, which are the City of Charleston, Charleston County and Charleston County School District.

The …