York County Council gave initial approval on Monday to “Project Crown,” the code name for an as-yet-undisclosed new business that could create close to a hundred jobs and invest millions of dollars in York County, according to documents released prior to Monday’s council meeting.
“Crown” would receive a fee-in-lieu-of-tax (FILOT) agreement from York County to locate in the county if it were to invest at least $13 million in its new property and creates a promised 86 new jobs – in addition to 51 existing jobs Crown expects to move from an existing location elsewhere.
Council voted unanimously approved the resolution on Monday.
Crown would come to York County with “one or more affiliates” at the new site, according to a draft agreement voted on by county council on Monday.
The project would meet its initial investment of at least $13 million within the first five years of the project. The fee agreement for the Crown property would last for 30 years or longer.
By approving the agreement, York County commits to getting Crown’s property added to a multi-county park – a designation that would maximize the company’s tax advantage.
Earlier in the evening, the council also voted to seek a $200,000 grant from the South Carolina Coordinating Council, the state body that assists with economic recruitment, in order to insist with property improvements on the site.
Council also voted to seek two other Coordinating Council grants for other code-named projects; “Project Bond” and “Project Gabriel,” both seeking $100,000 for their own improvements.
Those weren’t the only economic development projects to come before council on Monday night. One existing FILOT, between the county and the Lash Group, was amended to allow a new company, the Palmetto Funding Company into the agreement.
Attorney Stephen McCrae told council the new company would serve as a capital fund to spend money on the project.