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City, RHEDC to go in 50-50 on economic development fund

Posted By Andrew Kiel On September 24, 2012 @ 9:24 PM In State & Local News | Comments Disabled

Rock Hill City Council Monday approved a deal with the Rock Hill Economic Development Corporation to help finance an investment fund designed to help spur economic growth in the city.

Under the resolution, the RHEDC would contribute real estate, while the city would match the contribution to the fund with the tax value of the property.

Rock Hill Economic Development Director Stephen Turner says the funds are crucial to landing new business.

[Audio clip: view full post to listen]

The funds will be used to help fund new speculative buildings, infrastructure improvements and site cleanup efforts. Turner says the funds will remain in control of city leaders.

[Audio clip: view full post to listen]

Councilman John Black says the wording of the resolution gives city leaders a bit of flexibility as well.

[Audio clip: view full post to listen]

The idea did receive criticism though from councilman Kevin Sutton, who said that in his mind, the city could find itself on the losing end if the deal with the RHEDC falls though.

[Audio clip: view full post to listen]

Under the plan, all expenditures must be approved by council. The measure passed by a 5 to 1 vote.

 


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