The Town’s credit rating has NOT been affected by TIF.
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TIF is an abbreviation for “Tax Increment Financing” which is authorized under the South Carolina State Statutes. It captures the increase in property values as a result of redevelopment and new development of an area to fund specific projects within that area. County and Municipal Governments throughout the State have used TIFs with great success. Dorchester County’s Oakbrook TIF is one recent example of this financing instrument being used to make significant improvements to our community.
The Midtown TIF was created to reverse blighted conditions within the redevelopment area by improving structures and facilities that do not meet minimum code standards and to address inadequate infrastructure needs such as transportation and storm drainage facilities. These types of projects require substantial funding which generally requires borrowings. The TIF enables the Town to issue debt to fund these improvements and to use the additional tax revenue generated from the increased property values to pay the debt.
The Town held at least 11 meetings (2 were in executive session) over the course of 19 months in which the Council discussed the Midtown TIF and members of the public were given an opportunity to comment. There were a number of public hearings and several of those meetings included public presentations made by staff, bond counsel, and the Town’s financial advisor.
The Town’s Redevelopment plan describes a blighted area as any improved area within the boundaries of a redevelopment project area where industrial, commercial, and residential buildings are detrimental to the public safety, health, morals, or welfare of the public. The full description of the Midtown TIF Redevelopment Plan can be viewed here.
Yes. You can view the current TIF map here.
Yes. You can view the Midtown TIF map that shows the *PROPOSED* removal of 500 N. Main Street here.
Yes. The ordinance that authorizes the issuance of Midtown TIF bonds can be viewed here.
Yes. The ordinance adopting the Midtown TIF and Redevelopment Plan Agreements can be viewed here.