WEST ASHLEY, SC (WCSC) - Some West Ashley residents are ready for some revitalization.
The City of Charleston has proposed a way to help make that happen by using funding from Tax Increment Financing (TIF).
On Thursday the funding plan did not have majority support from the County Finance Committee, but council will look to vote on it later this month.
If TIF is approved it would help by providing funding to transform the Sam Rittenberg Corridor including beautification projects, Citadel Mall redevelopment and a focus on creating affordable and workforce housing.
Tax Increment Financing uses the taxes from increased property values in a particular area to invest back into that area for public improvements.
In other words, when an investment is made into a community property values are expected to go up. That slice of increase will go back into the community to improve the area.
The TIF would be in place up to 25 years and looks to bring in about $69 million, which would provide just a portion of redevelopment costs.
Part of the plans for development would also include improving drainage.
The funding is the city's plan for improvement, but both the school board and county council have to approve it for it to become reality.
Charleston County Council will meet on Nov 22. to make a decision on this funding. This is time where you can voice your opinions before that decision is made.
Mayor Tecklenburg's Senior Adviser, Josh Martin, issued a statement saying in part:
"We appreciate County Council's willingness to work with the City on this critical West Ashley revitalization effort, and we're very encouraged by the four votes we received in the first round Thursday night. Going forward, we believe we'll find even more support in the next round, when Mayor Tecklenburg is able to talk with Council about some of the important goals and benefits of the project..."
Chair of the Charleston County Council Elliott Summey says he supports TIF for West Ashley. Summey says the people of West Ashley deserve to have redevelopment.