Will the Lexington 2 School Board come along?

The Greater Cayce-West Columbia Chamber of Commerce has sent a letter to members in support of the City of West Columbia’s Triangle City Tax Increment Financing District.

The letter, sent by Chamber Executive Director Richard Skipper, stated, “The City of West Columbia can revitalize blighted and deteriorating areas within our community through the creation of tax increment financing districts.”

A TIF allows for the additional tax revenues generated from property upgrades to go back into development of the TIF area.

For the TIF to go forward, the Lexington 2 School district must approve it, along with Lexington County Council. City officials said the feedback from county council has been positive, but the school district’s intentions are not as clear.

“Before we make any decisions about a TIF, we want to understand the impact of this potential 30-year commitment not only on school funding but on any future TIF requests from the other four municipalities and county in which the district resides,” said Lexington 2 Board of Trustees Chairman Bill Bingham Jr.

Bingham also noted that 2 new school board members were elected in November and “they are just starting to learn more about West Columbia’s proposal.”

“The school board has made no decisions regarding the proposed TIF, other than to potentially participate in the TIF through an intergovernmental agreement. We look forward to discussing the TIF proposal with the city in the new year,” Bingham said.

The Chamber letter stated the Triangle City TIF consists of 428 parcels and covers 290 acres.

The letter also stated: “A TIF is structured to capture the increase in the tax base attributable (to) new development and redevelopment within the area designated as the TIF district.

“We have witnessed the success of TIFs all over the State of South Carolina — from Columbia (the Vista), to Charleston (Charleston Place and King Street redevelopment), to Spartanburg (new hotel redevelopment), to West Columbia (City Hall and Brookland Development) and countless others — TIFs can serve as the catalyst for dynamic community change.”