After years of unfulfilled promises during the Riley administration, Mayor John Tecklenburg is close to providing West Ashley with its own self-improvement tax vehicle.
City staffers have been at work for months working on the creation of a TIF, or tax increment financing zone for West Ashley that would pay for a host of improvements on this side of the Ashley River.
Former Mayor Joe Riley used the special tax vehicle multiple times for improvement efforts on the peninsula, but balked at the creation of one here.
But maybe as soon as this week, City Council will vote on a TIF for West Ashley that would redirect certain tax collections for projects along the Sam Rittenberg commercial corridor to include Citadel Mall.
Projections have it that the TIF could bring in close to $67 million over several years, according to City Councilman Keith Waring, who represents West Ashley.
Waring stresses that the TIF is not as “new” tax, just a redirection of the already collected tax revenues.
“it took a lot of push, but West Ashley finally got the attention it deserves,” says Waring. “What we need now is action.”
Waring says the set-aside tax revenues from the TIF could go for everything from infrastructure projects to beautification efforts to streetscape.
City Council has voted on first reading, but needs to approve the measure on second reading this week or in the coming weeks. Once approved, the measure would also have to be vetted with the county.
In related news, Waring says he is waiting for a retooled West Ashley Revitalization Commission to return from the mayor’s desk sometime in the next month.
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