County plans $76 million in bonds

Charleston County Council could make $76 million in upfront financing available to Boeing Co. for the construction of its 787 Dreamliner assembly plant in North Charleston.

The county, which would raise the money through a bond issue, put that proposal before a state board that meets next week. And the request reveals the largest part so far of the yet-undisclosed $450 million incentive package offered to the aviation giant.

The state Budget and Control Board will consider the county's request Tuesday in Columbia. Gov. Mark Sanford, who chairs the board, is one of its five voting members.

Boeing would be allowed to spend the money on "acquisition, constructing and equipping" the jet facility, which could create 3,800 new jobs at the company's nearly 400-acre site at Charleston International Airport, according to the board's meeting agenda. The manufacturer would pay back the money over 15 years through a combination of fees and property taxes.

County Council already has OK'd the bond money through two of the required three public readings without much discussion. If the state approves, council could finalize the bond agreement at its Dec. 22 meeting.

County officials also are pursuing what's called a "set aside" grant to help pay for Boeing's site-preparation costs. That request needs to be approved by the S.C. Coordinating Council for Economic Development, a branch of the state Department of Commerce. The amount of the grant has not been disclosed.

Reach Katy Stech at kstech@postandcourier.com.