Serving as the economic hub of a seven-county trade area, Greenwood County gross retail sales grew to $1.2 billion in 2001. Gross retail sales in the seven-county trade area totaled $3.1 billion.
In a robust economy, retail growth creates newer and larger retail stores leaving behind the famous "big boxes." To address the "big box" issues city, county and school officials are willing to consider tax incentives to attract tenants to vacated commercial space created by retail growth.
Greenwood County Commercial Development Proposed Tax Incentives*Eligibility
- Must be located in one of eight districts: Greenwood Mall, Greenwood Plaza, Kmart Plaza, Piedmont Plaza, Uptown Greenwood, Northgate Plaza, Ninety Six-Main Street, Ware Shoals-Main Street
- Minimum $250,000 development costs
- Eligible costs include: Architectural/engineering, environmental cleanup, demolition, site preparation, construction/re-construction, site improvements (signage, parking, etc.)
- Property must have prior commercial/retail use
- Property must have appropriate zoning prior to application
- Certification of property must occur
Benefits
- Property Owner can receive annual credit of property tax as a percentage of tax increase due to re-development
- Credit is received annually for a maximum of 15 years (total rebate cannot exceed development basis)
- Development basis includes pre-development land value (per County assessment) - to meet investment threshold, only, design fees, environmental cleanup, demolition/disposal costs, site preparation, construction. reconstruction and site improvements
Other Information
Projects that do not involve demolition of existing structure(s) are eligible provided re-development results in at least 50% increase in the tax assessment. Sites are also required to comply with sign, tree and landscape ordinances.
New construction on previously underdeveloped land is eligible only if combined with a contiguous parcel containing an eligible structure and the vacant parcel comprises no more than 50% of the land of the newly formed development parcel.
Incentives paid are for real property only. Payments for inventory, equipment and other personal property are excluded as sources of incentives.
*Requires negotiated agreement with city, county and school officials.
