Tonight York County Council passed second reading of two Ordinances authorizing and approving economic development incentives regarding Project Avalanche. The Ordinance authorizing and approving the development of a multi-County industrial park also includes an interlocal agreement between the County and the City of Rock Hill.
The County has worked diligently to ensure that the debt incurred by City of Rock Hill will be paid down as quickly as possible. This will benefit the County, City and the Rock Hill School District.
Highlights of the Ordinances are as follows:
- York County agrees to allocate a portion of the Fee in Lieu of Tax (FILOT) payments towards debt payments for the eligible public infrastructure. The allocation percentages will be as follows:
- 100% of the City of Rock Hill’s fees
- 75% of the School District’s fees
- 65% of the County’s fees
Once the debt is satisfied hopefully between 20-25 years, the rebates toward the debt will cease. Each entity will then keep 100% of their respective revenue.
- The amount of the debt related to the public infrastructure will not exceed $225 million and a term of 33 years. All interest earned will be deposited into this fund and is restricted for the same use as the fund.
- The allocated portions of the Fee in Lieu towards debt payments will be used for the following and in this order of priority:
- 1.) Towards the debt payments for the public infrastructure
- 2.)Toward any required reserve
- 3.) Repayment of any funds related to any rebate shortfalls
- 4.) To make additional principal payments if possible
- 5.) To the School District and County at the same percentage their taxes streams contributed to the surplus
View DRAFT Documents:
Fee in Lieu of Tax and Incentive Agreement
Multi County Industrial Agreement
Letter from Rock Hill School District
The third reading and Public Hearing of the two Ordinances regarding economic development incentives for Project Avalanche is scheduled to be held on Monday, March 30.