By Warwick Jones
The Charleston County Council Finance Committee on approved two recommendations by the Economic Development Department on Sept. 22 to support investments in manufacturing facilities in the county.
The most important related to TIGHITCO, a subsidiary of The InterTech Group. The company plans a $14.5 million investment in North Charleston and will be a supplier to Boeing.
According to the agenda material, the company will employ 300 individuals and have a payroll of $9 million.
The incentives include a reduction in the property assessment rate from 10 percent to 6 percent, and freezing millage rates for 20 years at the present rate.
The company will also receive a “rebate” each year equal to 30 percent of fees paid and a $50,000 grant from the Charleston County Economic Development Fund.
The second recommendation related to Titan Atlas, which makes housing from concrete panels. It is planning to expand its plant in North Charleston with an investment of $6.7 million.
Within a five-year period, the investment is expected generate employment of 200 and a payroll of $6.4 million.
The fee-in-lieu-of-taxes agreement is similar to that of TIGHITCO. The investment will be assessed at a 6 percent rate as opposed to 10 percent, and over the next 20 years the millage rate will be frozen at the current level.
Subject to achieving certain hiring levels in years two and five, the company is eligible to be “rebated” the equivalent of 14 percent of its FILOT each year. It will not receive a grant from the county.