12/16/2024 | Press release | Distributed by Public on 12/16/2024 06:46
TIF Provides Funding without Impact to Taxpayers
The project will be funded through the creation of the TIF district, which was agreed upon by the City, Greenville County and Greenville County Schools. Each will defer 50 percent of property-based tax revenue for the district the duration of the agreement, which will end in 2062. The developer will receive the other half of the tax revenue.
Under the agreement, Verdae Development, Inc. will pay out of pocket to build out public infrastructure for the development. The City will later buy back and maintain these resources through the issuance of bonds - up to $285 million. By the end of the agreement in 2062, the City, County and school district will once again begin collecting 100 percent of property-based tax revenue for the district, which is expected to increase to $31.5 million annually.
"These types of projects require this type of public-private partnership, and the City's been a great partner to work with to make that happen," Verdae Development, Inc. CEO Dan Klausner said.
Following the creation of the TIF district, the City and Verdae Development, Inc. will begin negotiating a public infrastructure improvement agreement, which sets the ground rules for the buildout of the public infrastructure.