From the Anderson Herald-Bulletin:
The Anderson City Council approved the use of $3.25 million in tax increment financing dollars to help construct a new manufacturing plant.
During Thursday’s meeting, the council voted 7-0 to approve the front-end investment, which was an incentive to draw Greenville Technology Inc. (GTI) to Anderson.
The company, which will spend $21.4 million in a new auto parts plant and create at least 325 jobs over five years, will not get tax abatements, just the TIF money.
Several council members expressed their excitement over the new project. Council members Pam Jones, Rodney Chamberlain and Art Pepelea were not at the meeting.
The proposal to use TIF funds will go back to the Anderson Redevelopment Commission for another vote. TIF funds are property taxes that are collected from new commercial, industrial and manufacturing businesses within a designated district. The money is used on infrastructure improvements within the district as a way to attract more businesses to the city.
The city’s TIF districts bring in about $6.6 million annually. And when GTI Anderson is up and running, the TIF income will grow and will pay back the $3.25 million incentive.
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http://heraldbulletin.com/business/x1962239102/Council-approves-TIF-money-for-GTI
