| | | | | | | |  | REQUEST FOR COUNCIL AGENDA
The City of Hartsville | Agenda Date:
3/10/2020 | To: City Council | From: City Manager |
Ordinance Number: Resolution Number: 03-20-01 - REGULAR MEETING | | | |
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| ORDINANCE/RESOLUTION CAPTION: | | A Resolution to Certify Two Units Located at 710 S. Fifth Street (Tax Map No. 056-14-04-071) As Abandoned Building Sites Pursuant to the SC Abandoned Buildings Revitalization Act. |
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| BACKGROUND SUMMARY: | | The above stated units were the old Food Lion building and Chinese take out restaurant wherein at least 66% of the building in its entirety were vacant for at least 5 years. The State of SC created the Act as an incentive to spur rehabilitation, renovation, and redevelopment of abandoned buildings located in SC. The Act provides the owner of the redeveloped building a credit against certain state income taxes or property taxes. The owners have decided to take the credit against personal state taxes and not against property taxes. |
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| IMPACT IF DENIED: | | The owners of 710 S. Fifth Street need the signed Resolution to provide to the Department of Revenue in order to be able to utilize this credit. Estimated rehabilitation costs are $8,300,000. Butler Academy will be located in the redevelopment. |
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| IMPACT IF APPROVED: | | If approved, the owners can help offset a portion of the redevelopment costs through utilizing a SC tax credit. |
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| FINANCIAL IMPACT: | | There will be no direct monetary impact to the City of Hartsville other than business license fees for contractors working on the project. There are indirect benefits such as an abandoned eyesore converted into a beautiful new building housing Butler Academy. New development that is occurring along Fifth St. will help spur future development opportunities. Positive impacts to the surrounding community will also occur as a result of this redeveloped property into a charter school. |
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