The City of Cayce is looking to utilize properties on Knox Abbot Drive and State Street as brought forth by Interim City Manager James Crosland.
Crosland presented an idea for a revitalization consult for the Tax Increment Financing District, otherwise known as the Cayce TIF District. Council unanimously approved the discussion, which will be brought back to council for final approval.
The properties brought up include 901 Knox Abbot Dr., 528 Knox Abbot Dr. and 532 Knox Abbot Dr.
Crosland said the area “currently suffers from underutilization” with potential for development.
Mayor Pro Tem Tim James is hopeful this will “spark economic development without using the fund balance.”
TIF funding will be used for the potential development of these properties.
According to a City of Cayce fact sheet regarding the TIF district, “A Tax Increment Financing (TIF) by law and design is an economic development engine. The current Cayce TIF District has produced over $41 million in private investments for the areas outside of the TIF District.”
According to the Municipal Association of South Carolina, “Tax Increment Financing is a public finance tool that municipalities use to help revitalize an area that has become, or is in danger of becoming, run-down or blighted. A TIF allows municipalities to incur debt for the redevelopment of a project area and use the additional property tax revenue generated by the redevelopment projects to pay off that debt.”
In other news, Councilman Byron Thomas mentioned that he is looking to help improve the basketball court condition and “overall TLC” at Glenwood Park in his district. He also mentioned that other parks in Cayce should be brought up to standard and he would like to continue working with the Lexington County Recreation and Aging Commission.
Council entered executive session but no action was taken.