Kiawah River Plantation financing plan decision expected soon
Charleston County soon will decide whether to move forward with a controversial financing plan for improvements to the Beach Co.’s Kiawah River Plantation development on Johns Island, a proposal a local environmental leader has called a big subsidy for a developer.
The plan calls for creating what is known as a tax-increment financing district for the property, which sits near Mullet Hall on Johns Island. Under that plan, $84.5 million in improvements, such as a wastewater treatment facility, for the development would be paid for by future tax revenue generated by the development.
And $63 million of that would come from tax revenue for the Charleston School District. The school board met behind closed doors last night to discuss what it might include in a contract if it votes to approve the TIF.
John Barter, chairman of the school board’s finance committee, said the board discussed the matter because Charleston County Council likely would vote Feb. 5 on whether to move forward with the plan.
County Council would act as sponsor of the TIF.
Council chairman Teddie Pryor said today the group won’t discuss the matter Feb. 5, but will hold the discussion after county staffers present a full report on the proposal.
Councilman Joe Qualey said he thinks that discussion will be held in the next few weeks. And he’s going to push council to hold off on a vote on the matter until about two weeks after the presentation. That will give council members and the public a chance to digest the plan before council votes on it, Qualey said.Read more in future editions of The Post and Courier. Reach Diane Knich at 937-5491 or on Twitter @dianeknich.