City of Charleston extends plan to finance two revitalization pr - KTRE.com | Lufkin and Nacogdoches, Texas

City of Charleston extends plan to finance two revitalization projects

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CHARLESTON, SC (WCSC) -

The City of Charleston will have more time to help fund two extensive redevelopment plans. In a unanimous vote Tuesday, city council voted to add ten years to help pay for the Charleston Neck and Horizon projects.

Both of the massive plans will be funded by Tax Increment Financing or TIF, a method used to cover some of the cost of infrastructure improvements. Along with the economy, the fund took a dive in 2008.

"Because of a downturn of the economy everything stopped and we did not generate the funds that we needed,” says Charleston City council member Robert Mitchell. “So, we went back to the county and asked the county if we could extend the TIF so we can generate those funds to be able to revitalize that area."

The Charleston Neck project encompasses a 29-square mile area between the Ashley and Cooper Rivers. The design team will makeover rundown areas of North Charleston and the City. The multi-million dollar project is making its way through all the local governments. The team says some construction could begin within the year.

The Horizon project will makeover 22-acres in downtown Charleston and transform it to include apartments, offices, laboratories and retail shops. The area is between Lockwood Drive and Hagood Avenue from Spring to Fishburne streets. Officials say construction could also begin within a year.

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