Berkeley Co. could spend over $100M to land record-breaking $3.5B investment
BERKELEY COUNTY, S.C. (WCSC) - A record-breaking investment could soon be coming to Berkeley County, but the county may need to pay over $100 million for roadway improvements as part of the agreement.
A potential agreement between Berkeley County and a company identified as Project Drift passed second reading with a 3-2 vote, Monday night. The agreement passed with two council members absent and one abstaining. Berkeley County Supervisor Johnny Cribb broke the tie when he voted in favor of the agreement.
The agreement would call for the unnamed company to invest $3.5 billion to develop on over 600 acres of land on Camp Hall Campus 3, located near Volvo’s car plant.
If approved, the deal would be the largest in South Carolina’s history, doubling BMW’s $1.7 billion investment in Spartanburg that was announced in October.
According to the agreement, the investment would create around 1,500 new jobs, have a minimum investment of $400 million and be taxed at 4% for 30 years.
However, the agreement also states the county must pay $110 million on roadway improvements to Highway 176. County leaders have not detailed what improvements need to be made, only saying the county would bear the full cost of the project.
Several council members and county staff declined to comment, saying they could not talk about the ongoing agreement yet.
A third reading on the agreement is scheduled for Dec. 12.
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