Jun
18

TIF Money to be Used for Charleston Projects

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The City of Charleston will have more time to help fund two extensive redevelopment plans. In a unanimous vote Tuesday, city council voted to add ten years to help pay for the Charleston Neck and Horizon projects.

Both of the massive plans will be funded by Tax Increment Financing or TIF, a method used to cover some of the cost of infrastructure improvements. Along with the economy, the fund took a dive in 2008.

“Because of a downturn of the economy everything stopped and we did not generate the funds that we needed,” says Charleston City council member Robert Mitchell. “So, we went back to the county and asked the county if we could extend the TIF so we can generate those funds to be able to revitalize that area.”

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