Company plans to add 160 jobs

Charleston County officials are set today to give initial approval to an inducement agreement for an existing manufacturer that plans to invest $55 million and create 160 new jobs in North Charleston.

The unidentified business, referred to as "Project Bluewater," is expected to add $6.84 million to its annual payroll and pay $4.5 million in fees instead of property taxes over 20 years, said Charleston County Economic Development Director Steve Dykes.

For competitive reasons, the name will not be revealed until Dec. 16, when the agreement is scheduled for final approval, Dykes said.

"Often a company expanding likes to get to the finish line before their competitors are aware of it," he said Wednesday.

The 20-year inducement package would allow the company to replace property tax payments with a fixed fee based on 6 percent of the value of its property.

The company will also receive a special credit of $250,000 over the next five years to offset plant upgrades necessary for the expansion.

The company is involved in the blending, packaging and distribution of undisclosed products. It considered another location in the Southeast for the investment and jobs but decided on North Charleston, Dykes said. He declined to identify the other location.

"After consideration of a variety of business factors, the company has indicated that it has concluded its analysis and that Charleston is its top location at which to pursue the expansion," according to the memo.

Attracting new jobs and capital investment amid the current financial crisis and economic turmoil presents a mountain for development officials to climb. Dykes said he has not found the trek too difficult in Charleston County.

"I really can tell you straightforward thus far we have not had any problems with the prospects we are working on falling out, except for one ..." he said. "That's been pleasantly surprising. Our economic development game is a game of numbers, and we work quite a few leads to have the county short-listed. Sometimes you are fortunate to be chosen.

"There is a lot of angst and uncertainty out there right now, not only here but worldwide."

Aside from Project Bluewater, Dykes said the county is working with three other active investment prospects.

Reach Warren Wise at 937-5524 or wwise@postandcourier.com.