Charleston City Council Advances Union Pier Redevelopment with Tax Increment Financing Approval

Charleston City Council Approves Initial Step for Tax Increment Financing District at Union Pier

The Charleston City Council has voted in favor of a first reading that outlines a plan to transform Union Pier into a tax increment financing (TIF) district. This unanimous decision, taken Tuesday night, has begun the preliminary process that will involve the council and the Charleston County School District holding votes over the next 45 days, focused on the establishment of the TIF district.

Mayor William Cogswell’s office has emphasized that the proposed TIF district would have a transparent management approach. This includes welcoming and utilizing public input, as well as upholding stringent oversight for funds. The council had previously passed a resolution in April, approving a Redevelopment Plan and Improvement Plan for Union Pier. The Council’s vision for this site is to create a vibrant, multimodal transit hub that could attract millions of dollars in new tax revenue.

Redevelopment of Union Pier Could Generate Millions for Schools

Mayor William Cogswell believes the redevelopment of Union Pier, which spans approximately 70 acres, could likely create an estimated $22 million for Charleston County schools. Currently, the property does not generate any tax revenue.

This significant redirection of funds towards education in the area could be a considerable boon for the community. It’s a clear indication of the potential benefits of effective redevelopment, especially when utilizing TIF districts as economic tools.

Turning to Previous Successes: Lower King Street

Lower King Street has been highlighted as a successful example of how TIF funds can be utilized for urban redevelopment. The transformation of this area, largely attributed to the smart allocation of TIF funds, offers inspiring direction for the proposed Union Pier project.

Further discussions of Union Pier’s transition into a TIF district will be held during the community development committee meeting, scheduled for September 26 in the council chambers.

Mayor William Cogswell’s Response

In response to the recent vote, Mayor William Cogswell said, “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.” He emphasized that potential benefits from the TIF district would enhance public amenities such as parks, ensure public access to the waterfront, support affordable housing opportunities, and enhance resilience measures.

This pivotal step brings Charleston closer to actualizing a re-imagined Union Pier, bringing financial benefits to its education system. It also promises a more liveable, sustainable environment for its residents. As the project proceeds, more community input is expected, ensuring the redevelopment aligns with the needs and aspirations of Charleston’s population.