Eight new economic projects totaling $775 million in investment and 903 new jobs were announced by the Spartanburg County Council on Monday.
The companies behind the projects are seeking tax breaks. An unnamed company is planning to create 470 jobs and another 240 jobs.
The County Council approved the first of three readings for each project.
County Councilor David Britt said companies are continuing to invest in local projects despite national and global economic concerns.
“Despite the winds of caution swirling around the world about a recession, these companies are doubling down on their trust and confidence in Spartanburg,” Britt, chairman of the county’s economic development committee, told the Herald-Journal. “I am confident that we will have several more projects announced before the end of the year.
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This year to date, Britt said a total of $1.258 billion in investment and 1,724 new jobs have been announced.
Last year saw a record 44 new projects with $1.9 billion in capital investment, along with 4,045 new jobs, according to OneSpartanburg, Inc.
Among the biggest projects announced last year was by Oshkosh Defense to manufacture its fleet of next-generation vehicles at the former Rite-Aid Distribution Center in the Flatwood Industrial Park. The project is expected to create 1,000 jobs with an investment of 155 million dollars. Production is expected to start in 2023.
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Also, Walmart announced plans to build a distribution center for fresh and frozen groceries in Lyman, Spartanburg County. The investment of 450 million dollars is expected to create more than 400 jobs. The facility is set to open in 2024.
“The reason we’re having this success is because of the talented workforce here in Spartanburg and our pro-business community partners who continue to make us the economic powerhouse of the world,” said Britt. “Nobody does it better than Spartanburg. We offer the best engineered products made anywhere.”
Seven of the eight projects announced Monday are from companies seeking a reduced 6% property tax rate through fee-for-service tax agreements.
“A tariff in place reduces the assessment ratio for manufacturing business from 10.5% to 6%, which puts South Carolina in a competitive position with neighboring states,” Britt said.
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Projects are given code names until the third and final reading, when companies and locations are identified. A company can reveal itself before a third reading, according to Britt.
The new projects are:
► Tyger River Ridge project, $137.7 million investment, no work.
► Moore project, $251 million investment, 240 jobs.
► Spartanburg SF RRL, $61.8 million investment, 105 jobs.
► Project Flow, $200 million investment, 470 jobs.
► Project Whirlwind, $19.5 million investment, no work.
► Project Clay, $34.9 million investment, no work.
► The Cubes at Fort Prince, $65.5 million, no work.
The tariff agreements contain a clawback clause that ends the tax holidays retroactively if the minimum investment is not met by the end of the investment period.
The eighth project, called Blackberry, represents an existing company seeking $100,000 in special resource loans over three years. The company plans to invest $4.5 million and create 88 new jobs.
“The special source credit reduces the amount of taxes owed by the annual credit amount,” Britt said. “This tool is used to help a company to offset infrastructure and other project project costs.”
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