Council Action Requested:
Approve the Second Reading on October 23, 2023 and the public hearing and Third Reading on November 6, 2023 at which time the company's name would be revealed.
Points to Consider:
Project Lathe is a small existing business located in Lancaster County, SC. The Company intends to invest a minimum of $2,500,000 over a 5 year period.
Funding and Liability Factors:
The Project will be in a multi-county park and we are offering a 50% Special Source Revenue Credit (SSRC) Agreement for the first 5 years of the 20 year agreement. The millage rate will be fixed at 345.5.
Recommendation:
Approve an Economic Development Incentive for Project Lathe.