Tax Incentive for Affordable Housing in Downtown Greenville
The Greenville News (February 5, 2020) - A $75 million redevelopment project proposed for a nearly 5-acre site in downtown Greenville on Academy Street got unanimous support from the County Council on Tuesday night in the first of three required votes.
The mixed-use project led by Charlotte, North Carolina-based CitiSculpt will include 262 apartments, 30% of which will be set aside for affordable housing, according to a proposed tax incentive deal and intergovernmental agreement the county plans to strike with the city of Greenville.
"We have to work together across jurisdictional boundaries," Kirven said. "Our objectives are aligned, and we can bring different things to the table to achieve those objectives."
The tax incentive deal would freeze the taxable value of the land at 2020 levels — a total of about $9 million — for 20 years and would also allow revenue from government fees on the property to be reinvested in infrastructure on the site.
Charles McAlpine with CitiSculpt said he hoped to start construction on the project this summer.
The County Council will have a second reading on the project Feb. 18.