City, RHEDC to go in 50-50 on economic development fund

Posted September 24, 2012 9:24 pm | Filed under Downtown Renewal, Local News

Rock Hill City Council Monday approved a deal with the Rock Hill Economic Development Corporation to help finance an investment fund designed to help spur economic growth in the city.

Under the resolution, the RHEDC would contribute real estate, while the city would match the contribution to the fund with the tax value of the property.

Rock Hill Economic Development Director Stephen Turner says the funds are crucial to landing new business.

The funds will be used to help fund new speculative buildings, infrastructure improvements and site cleanup efforts. Turner says the funds will remain in control of city leaders.

Councilman John Black says the wording of the resolution gives city leaders a bit of flexibility as well.

The idea did receive criticism though from councilman Kevin Sutton, who said that in his mind, the city could find itself on the losing end if the deal with the RHEDC falls though.

Under the plan, all expenditures must be approved by council. The measure passed by a 5 to 1 vote.