Latest news with #FILOT
Yahoo
15-05-2025
- Business
- Yahoo
New proposal could take away funds from Greenville Co. Schools
GREENVILLE COUNTY, S.C (WSPA) – The Greenville County Schools Board Of Trustees is urging the county council to reject a plan that would take away millions of dollars from the school district. The Greenville County Council has proposed a change that would shift more money their way, but would take funds from the school district to balance the change. Council members said the proposal is a necessity for the county, but school district leaders said they're urging council to abandon the plan. A 'Fee in Lieu of Tax Revenue,' or 'FILOTs,' serves as an incentive for businesses to build in Greenville County, in exchange for lower tax rates. The county proposed an increase to their share from FILOT agreements, a change that could double their revenue to 62%. 'They [county council] tell people we have a great school system here, Greenville County Schools, but when the money comes in, the FILOT money comes in from that. Now, they are saying that they want to withhold about $8 million of that [money] from us,' Said Tim Waller, spokesman for the Greenville County Schools. 'That's not right.' County Councilman for District 21, Curt McGahhey, said the school district receives the largest share from FILOT agreements. District officials said they're slated to receive nearly $26 million in 2025 alone. 'They have doubled their school budget in ten years,' McGahhey said. 'Take that into account, doubled. They outpace the county now in the amount of revenue they use. They use almost a billion dollars a year. The county is $480 million.' McGahhey added that he currently has three kids in the school district. He values learning, but questions the school district's use of spending — especially on things he deems unnecessary, like using what he called 'escrow money,' for turf fields. 'That is not the intent of that money; that was COVID relief money that was supposed to be for all sorts of things, programs to help schools get back on their feet, to help them with conditions that were brought on them, to help students do better. $24 million for fields doesn't really do it for me.' 'Greenville County Schools has lagged behind other high schools across the state when it comes to artificial turf,' Waller said. 'There is also the maintenance costs. You put a lot more time, money and effort into maintaining grass fields.' McGahhey doesn't believe the school district share of revenue should be so high, saying that the change in revenue could be used to fix local roadways. 'The Greenville County Schools have to tighten their belts just like everybody else and that's what this is about,' McGahhey said. 'It's not a feud, it's prioritizing public infrastructure to where it should be.' School district officials, who said the district is the largest in the state, added that the money they receive is essential to operate and manage nearly 80,000 students and pay teachers. 'We all agree that roads need to be repaved but not at the expense of students,' Waller said. The school district had their first reading of their proposed budget last week. If FILOT money is taken away, they will have to re-write the budget. County council has not yet voted to make the change, but the vote is expected in the near future. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-02-2025
- Business
- Yahoo
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. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
