Dorchester County has taken the first step toward a tax increment financing district around North Charleston’s Festival Centre, a plan that could steer about $12 million to athletic fields and a band room at nearby Fort Dorchester High School.
County Council approved first reading of the Festival Centre Redevelopment Project ordinance, WCSC Live 5 News reported Nov. 5. The item was on the council’s Nov. 2 agenda. A tax increment financing district sets aside future growth in property tax revenue in an area to pay for public projects there.
The draft plan attached to the agenda covers 1,777 parcels near Ashley Phosphate and Dorchester roads, in North Charleston and unincorporated Dorchester County, and would last 20 years. It puts total project costs, including money from other sources, at more than $95 million, with tax increment borrowing of about $20 million.
The plan says Festival Centre, built in the 1980s, is about 75% vacant. Its project list includes $17 million for a Patriot Boulevard recreational complex, $10 million for a senior center and $15 million for future Festival Centre public infrastructure.
At Fort Dorchester, the plan lists $4.95 million for new field lighting, bleachers, fencing, backstops, dugouts, renovated concession and bathroom buildings and a new band tower, plus $7 million to expand the band room and improve stormwater drainage.
Dorchester District Two board member Justin Farnsworth told Live 5 the district would “kind of forego some of our property tax millage, if you will, as a school district for a little while to help accelerate that growth.” Oak Brook Elementary School received about $8 million through an earlier tax increment financing district, Live 5 reported.
“We’re much more encouraged to go into future TIFs,” Farnsworth said.
The county and district are still finalizing project costs, according to Live 5. Dorchester County, the school district and North Charleston must reach an agreement, and the school board will then vote on it.
