The City of South Charleston is expected to create a tax increment financing district that will cover much of the city in an effort to spur hundreds of millions of dollars in economic development.
South Charleston Mayor Frank Mullens said the proposed district, known officially as the South Charleston Park Place Economic Opportunity Development District, could spur more than $350 million in public and private projects.
"We're very comfortable with how this is playing out," Mullens said. "It's a game changer. Everyone seems to be very excited about this project."
The sales tax TIF district will include the industrial pond land long owned by FMC near the Kanawha Turnpike exit off of Interstate 64 and follow a stretch of Corridor G that ends shortly before the Coal River.
The projects proposed to be financed through the district include: $55 million for improvements to Jefferson Road, $30 million for an educational complex at the West Virginia Regional Technology Park, $20 million for the Thomas Memorial Hospital Wellness Center, $15 million for an access road to The Shops at Trace Fork shopping center and $13 million for Tech Park site development.
Excess fill from the state's Jefferson Road expansion project will be used to fill the FMC pond, saving the state millions, Mullens said. The land created would then be used for commercial development.
Through a TIF district, a municipality can entice private companies by having local tax revenue go toward their development in the area with minimal investment of their own.
South Charleston will finance the projects through an incremental sales tax that will pay for a $155 million bond on a 15-year term with a 3.5 percent interest rate.
The city is planning to approve a resolution for the district Thursday at its council meeting, which would then require approval by the state Legislature.
A public hearing for any comments, objections and suggestions for the TIF district is planned to be held at noon on Feb. 23.
Reach Max Garland at max.garland@wvgazettemail.com, 304-348-4886 or follow @MaxGarlandTypes on Twitter.