Boeing package advances in Charleston County, S.C.
BA | Quote | Chart | News | PowerRating -- Charleston County Council approved a preliminary economic development incentives package for the Boeing Co.'s 787 Dreamliner assembly plant Tuesday night, but officials had little to say about what was in the package.
Without discussion and after an executive session, council quickly approved a motion related to Boeing incentives. It includes a fee in lieu of taxes for Boeing as well as a special- source revenue bond issue for infrastructure improvements, officials said.
When asked the amount of the fee, officials would not comment.
Councilman Elliott Summey said he could not discuss specifics but emphasized that what the council approved was nothing out of the ordinary because it does the same sort of thing for other businesses. "It's not atypical in any way. They're not getting anything extraordinary. If I say too much, it becomes a problem," Summey said.
Councilman Dickie Schweers declined comment because of ongoing negotiations.
The fee in lieu of taxes and special-source revenue bond programs in South Carolina have the net effect of reducing the burden of property taxes for qualifying businesses, according to the FindLaw Web site.
Charleston County officials have described Boeing's move as the largest private-sector capital investment in the tri-county area's history. Early estimates put the plant's economic impact at $2 billion annually starting in 2017.
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