Mar
12

Incentives to Redevelop Abandoned Office & Industrial Buildings

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Commercial buildings that are standing empty can be a financial drain on municipalities and their residents. These properties may still be in useful condition when they are abandoned, but they may no longer be suitable for the purpose for which they were built.

The costs to municipalities to deal with these abandoned structures often include additional police and fire services due to safety and crime concerns, reduced property values, decreased financial activity in the area surrounding the building and lost economic development opportunities.

One solution to these abandoned structures is creating incentives for private investors to purchase and rehabilitate the building into a new use. Representative James E. Smith of Columbia introduced the South Carolina Abandoned Buildings Revitalization Act, H3093, to accomplish this goal. Senator Creighton Coleman of Winnsboro introduced a companion bill, S234, in the Senate.

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    Categories : South Carolina News

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