Eight new economic projects totaling $775 million in investment and 903 new jobs were announced by the Spartanburg County Council on Monday.
The companies behind the projects are seeking tax breaks. An unnamed company plans to create 470 jobs and another 240 jobs.
The county board approved the first of three readings for each project.
County Councilor David Britt said companies continued to invest in local projects despite national and global economic concerns.
“Despite the winds of caution that are blowing around the world about the recession, these companies are doubling down on their faith and confidence in Spartanburg,” Britt, chairman of the county’s economic development commission, told the Herald-Journal. “I’m confident we’ll have several more projects announced before the end of the year.”
Year to date, Britt said a total of $1.258 billion in investment and 1,724 new jobs have been announced.
Last year saw a record 44 new projects with $1.9 billion in capital investment, along with 4,045 new jobs, according to OneSpartanburg, Inc.
Among the biggest projects announced last year was Oshkosh Defense to manufacture its fleet of next-generation vehicles at the former Rite-Aid distribution center in the Flatwood Industrial Park. The project is expected to create 1,000 jobs with an investment of $155 million. Production is expected to begin in 2023.
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Walmart also announced plans to build a fresh and frozen grocery distribution center in Lyman, Spartanburg County. The $450 million investment is expected to create more than 400 jobs. The facility is due to open in 2024.
“The reason we are achieving this success is because of the talented workforce here in Spartanburg and our pro-business community partners who continue to make us the economic powerhouse of the world,” Britt said. “No one does it better than Spartanburg. We deliver the best engineering products made anywhere.”
Seven of the eight projects announced Monday are from companies seeking a reduced 6 percent property tax rate through tax-in-lieu agreements.
“The levy instead reduces the assessment factor for manufacturing businesses from 10.5 percent to 6 percent, which puts South Carolina on a competitive footing with neighboring states,” Britt said.
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Projects are given code names until the third and final reading, when firms and locations are determined. A company can reveal itself before third reading, according to Britt.
The new projects are:
► Tyger River Ridge Project, $137.7 million investment, no jobs.
► Moore Project, $251 million investment, 240 jobs.
► Spartanburg SF RRL, $61.8 million investment, 105 jobs.
► Project flow, $200 million investment, 470 jobs.
► Project Whirlwind, $19.5 million investment, no work.
► Project Clay, $34.9 million investment, no work.
► The Cubes in Fort Prince, $65.5 million, out of business.
Fee-in-lieu agreements contain a clawback clause that terminates the tax benefits retroactively if the minimum investment is not met by the end of the investment period.
The eighth project, called Blackberry, represents an existing company seeking $100,000 in special source credits over three years. The company plans to invest $4.5 million and create 88 new jobs.
“The special source credit reduces the amount of taxes owed by the amount of the annual credit,” Britt said. “This tool is used to help a company offset infrastructure and other project costs.”
Contact Bob Montgomery at [email protected] Please support our coverage of Spartanburg County with a digital subscription.