Spartanburg Co. close to landing nearly $2.8 billion project from mystery company
SPARTANBURG COUNTY, S.C. (WSPA) – Spartanburg County approved a resolution Monday to provide tax incentives in an attempt to land one of the largest investments in South Carolina history.
Spartanburg County Council unanimously approved a resolution to move forward with two Fee In Lieu of Tax (FILOT) Agreements for Project MOC-1, a nearly $2.8 billion investment which would add 27 jobs.
Council member David Britt said MOC-1 would be the second largest single investment ever in the state.
While he couldn't divulge name of the company behind the project or where the project will be located, Britt described it as a high performance computing facility. He said the company is involved in technology, engineering, and aerospace and the facility will generate its own power.
Britt said he's met with company executives and they are 'the kind of company we want in the county.'
'We want companies that are going to help raise the bar for all of Spartanburg County,' Britt continued.
Britt said Spartanburg County is still competing with another state for the project.
The FILOT agreements would set the property assessment at 4% for 40 years and provide a special source tax credit of $30 million over 20 years against the payments in lieu of taxes.
The next step for the project is the first reading of ordinances for the two FILOT agreements. The agreements will require three readings by county council before they are approved.
'Hopefully, very soon, we'll be able to announce the name of the company and where they're going and what they're going to be doing,' said Britt.
Britt expressed hope that an announcement would be made before May.
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