Charleston City Council voted unanimously to initiate the establishment of a tax increment financing (TIF) district for the Union Pier property. This vote now signals Charleston County Council and the Charleston County School District to begin a 45-day process to hold votes on the establishment of the TIF.
“I’m pleased that the council sees how crucial a TIF for Union Pier is to keeping the public’s interests at the forefront of this redevelopment,” said Mayor William Cogswell. “Parks, public access to the waterfront, affordable housing, and resilience measures are all possible with a TIF and we moved those goals forward tonight.”
TIF funds will be managed with public input and strict oversight, ensuring Union Pier evolves according to our community’s needs.
Currently, Union Pier generates no tax revenue, but redevelopment could bring in up to $22 million annually for our schools after it is fully developed.
TIFs have proven successful, as seen with King Street’s revitalization. By establishing a TIF, the city can replicate that success at Union Pier.