RHEDC begins 2016 with a surplus

With a surplus of about $1.7 million, the Rock Hill Economic Development Corp. is considering its investment options for 2016.

RHEDC begins its budget year with zero debt as the corporation sold its spec building in the Waterford Business Park to Beacon Partners of Charlotte, paying off a loan from Santee Cooper.

Construction of another spec building – also in Waterford Business Park – is on the agenda for 2016. RHEDC will invest about $104,000 and secure a $1.3 million loan from Santee Cooper for the new spec building.

RHEDC also begins with year without owning any downtown property, after selling the former Woolworth store and the Bass-McFadden buildings in 2015. The sales mean RHEDC will no longer owe any property tax, an expense of about $130,000 annually. The sales also mean that RHEDC will no longer receive rental income or parking fee revenue.

With the surplus funds, RHEDC is considering several investment options, said Stephen Turner, the city’s economic developer.

RHEDC’s goals for 2016 list several options for investment.

The city is discussing ways it could partner with the Scannell Properties of Indianapolis to develop the Rock Hill Commerce Park between Paddock Parkway and East Springdale Road, south of the Ross Stores distribution center.

The city’s planning commission recently approved a site plan for two “spec” buildings for Scannell, one for 432,000 square feet and the other for 126,000 square feet. The smaller building would front on Anderson Road.

RHEDC also could buy properties adjacent to the city-owned Bleachery site or in the downtown area for development, assembling them for development, Turner said.

A third option could be to help technology entrepreneurs wanting space. That could mean finding existing space or constructing a new building, Turner said.

Increasing the inventory of businesses sites is one of RHEDC’s goals for 2016.

This story was originally published January 5, 2016 at 5:39 PM with the headline "RHEDC begins 2016 with a surplus."