Project could have $57 million impact on Florence, create new jobs
By: Tonya Brown
Florence, S.C. (WPDE) — Florence City Council approved an ordinance this week that could eventually have a $57 million impact on the city and create new jobs.
City leaders said they can’t say a lot right now, but said this is project like no other for downtown district.
The ordinance authorized ” the issuance and sale of two General Obligation Bond Anticipation Notes in a total amount not exceeding $7, 100,000 (Taxable Series 2018A in the amount of $2,900,000 and Tax-Exempt Series 201 ~~ in the amount of $4,200,000) to be used to reimburse funds expended by the City to defray the costs of certain economic and development efforts in the City’s downtown area, and other matters related thereto.”
Florence, S.C. (WPDE) — Florence City Council approved an ordinance this week that could eventually have a $57 million impact on the city and create new jobs.
City leaders said they can’t say a lot right now, but said this is project like no other for downtown district.
The ordinance authorized ” the issuance and sale of two General Obligation Bond Anticipation Notes in a total amount not exceeding $7, 100,000 (Taxable Series 2018A in the amount of $2,900,000 and Tax-Exempt Series 201 ~~ in the amount of $4,200,000) to be used to reimburse funds expended by the City to defray the costs of certain economic and development efforts in the City’s downtown area, and other matters related thereto. ”
The project requires that the “City issue bonds to defray costs that include, but are not limited to, property acquisitions, parking, building demolition, and streetscape additions and improvements. ”
A city councilman called the project one of the single most impactful projects in the history of downtown Florence and would consume an entire block if the deal goes through.
