A large swath of West Columbia is primed for revitalization.

City officials need the support of the Lexington 2 school district to start.

West Columbia City Council approved a Tax Increment Financing plan for a section of the city in October.

The area includes Triangle City, US 1, Jarvis Klapman Boulevard, Charleston Highway and 12th Street.

In all, it’s 290 acres and 428 parcels of property.

The TIF plan must be approved by the district school board and Lexington County Council.

“There is no reason for the school board not to approve it,” said West Columbia Mayor Bobby Horton.

“The school district has nothing to lose. There will be no loss of revenue to the district if the TIF is approved.”

Lexington 2 receives $673,000 a year in tax revenues from the properties in the area in the TIF plan.

Horton said that with improvements to the property in the TIF, over time the school district will receive more revenue because of increased values.

“It’s a win-win situation for the schools,” said Horton.

While more money is the rule with TIF property, if the school board does not approve, they could lose revenue.

“If the property is left like it is, with no improvements, the assessed value of it will go down,” Horton said. “And the amount of taxes the schools get will decrease, too.”

The property is valued at $2.9 million. It has only increased in value at a rate of 1.35% a year in the last 10 years.

State Street TIF property established in 1998 has 378 parcels accessed at just over $1.4 million in 1998.

Its value has grown 11% a year to just over $4.5 million.

The State Street value has risen 216%. And that does not include the new multimillion dollar Brookland development.

When the city passed a resolution to allow the TIF, it did so with the idea that a TIF would encourage development to all of the properties contained in the area.

It is the most efficient, cost-effective way to rejuvenate, Horton said.

“We will be able to attract more businesses, revitalizing the Triangle City district and lifting surrounding areas by allowing for an increase in revenues ... without a burden on the taxpayer.”

The property in the TIF would be eligible for other tax incentives to motivate investors to make improvements to structures.