Exciting Developments Ahead for Greenville!
Good news, residents of Greenville! Our beloved city is gearing up for a big transformation, especially along the bustling Laurens Road corridor. Thanks to the recent decisions made by key local authorities, plans for a revitalization are set to move forward.
What Is Tax Increment Financing (TIF)?
You might be wondering, what exactly is tax increment financing, or TIF for short? Well, it’s a clever way for cities to invest in public infrastructure. In a nutshell, TIF allows the city to take future property tax revenue that results from increased property values within a specified district, and use it to fund improvements in that very area. Exciting, right?
Recent Votes Ramping Up the Redevelopment Plan
During a recent meeting on November 19, the Greenville County Schools board of trustees voted 8-4 in favor of the city’s Laurens Road Redevelopment Plan. This decision is momentous because it means that the proposed TIF district—spanning approximately 223 acres and stretching from Haywood Road to Verdae Boulevard—is one step closer to reality. Just before this, the Greenville City Council had given the plan its first nod of approval back on October 14.
But wait, there’s more! The Greenville County Council also tossed its support behind the Laurens Road TIF on November 5. So now, we’re in a 45-day period where residents can share their thoughts and feedback.
A Bright Future for Residents and Schools
The redevelopment aiming for Laurens Road is expected to result in around 3,000 new residential units. That’s right, folks! More homes means more families, and according to the Greenville County Schools Planning and Demographics Department, we can expect about 510 new students to call these new units home. Isn’t that thrilling?
The financial excitement doesn’t stop there. The clever use of the TIF is projected to freeze the property tax allocations in the Laurens Road district for a solid 30 years. As the area develops, property values will likely shoot up, and more tax revenue will roll in. Here’s the kicker: half of that additional revenue will find its way back to the local taxing authorities, including our schools!
Big Benefits for Greenville County Schools
What does that mean for our schools? Well, Superintendent Burke Royster has shared that Greenville County Schools is expected to benefit enormously from this plan. Of the additional tax revenue generated, GCS will be in line to receive about 57% of that sweet income. Currently, the schools snag around $360,000 annually from the area proposed for the TIF district, but by the end of those 30 years? That could balloon to roughly $18 million annually.
Next Steps in the Planning Process
Looking ahead, mark your calendars for December 9. On that day, the city of Greenville will hold a public hearing and a second reading for the Laurens Road Redevelopment Plan. This event will be another chance for community members to learn more and voice their opinions.
In summary, the Laurens Road Redevelopment Plan is shaping up to be a fantastic opportunity not just for the community but also for our beloved schools. Greenville is on the verge of an exciting transformation, and as the plans continue, it’s clear there’s a lot to look forward to!
