York County has a $443 million decision to make. It could bring hundreds of jobs.
York County could approve an agreement tonight that would bring almost a half-billion dollars of investment and more than 400 jobs.
The York County Council is scheduled to vote on fee agreement with an unnamed company and property owner. Code-named “Project Tullamore,” the deal would allow for the company to pay a fee rather than taxes for a set period.
The county has to approve three readings to finalize the agreement. The first vote came Jan. 3. It was by title only, meaning details weren’t given at the time. The second vote comes tonight. The council could finalize the deal, barring any special called meetings ahead of time, as soon as Feb. 6.
County documents say the project involves multiple companies set to establish or expand manufacturing in the county. Project companies intend to invest more than $443 million and create 405 new full-time jobs as part of the agreement. The county, in turn, would assess the property at 4% of its total value for 40 years, with a five-year adjustable rate. The investment would come within eight years.
The company also would get credits for 20 years at up to half of the annual amount it would pay from the negotiated fee. The county vote would authorize the county manager, county attorney and county economic development director to negotiate final terms of the deal.
One company in the agreement already owns land for one or more existing buildings in York County. The other company would make an investment and employ workers based on a lease with that current property owner, county documents state.
Rebound from slow 2022
If the deal happens, it could help York County and the region rebound from a relatively slow year for such projects in 2022.
The I-77 Alliance is a nonprofit economic development group that covers five South Carolina counties — between and including parts of the Charlotte and Columbia markets. Those counties include York, Lancaster and Chester.
The alliance tracks major new job and investment announcements as corporations make them, dating back almost a decade. Data shows the tri-county area had six announcements in 2022, totaling 363 new jobs and $133.2 million.
That job figure is almost 100 fewer than any other year since at least 2014. The annual average is more than 2,500 jobs.
The total investment last year is the lowest recorded in a year by more than $30 million. The average year brings about $441 million, well more than three times last year.
The six announcements in 2022 were tied with 2019 for fewest in that span. The annual average is about 10 announcements.
Growth last year largely came from companies already in the area. Among announced projects, only Element Designs in Fort Mill and Chief Buildings in Lancaster are new additions. They combined for 202 jobs and $27.1 million of investment. The remaining dollars and jobs come from four company expansions at STIWAS US and Samuel Packaging in York County and Nutramax and US Strapping Co. in Lancaster County.
How will new project compare?
At 405 new jobs, the project would be on par with announcements such as E&J Gallo Winery in Chester County (496 jobs) in 2021, Stanley Black & Decker in York County (500 in 2017) and Diversy in York County (400 in 2017).
At $443 million of investment, the project would join the likes of E&J Gallo ($423 million), Giti Tire in Chester County ($560 million in 2014) and the announced but failed Carolina Panthers headquarters in Rock Hill ($500 million).
The proposed investment level would put the project as the third-highest in York, Lancaster or Chester counties since at least 2014.
This story will be updated.
This story was originally published January 17, 2023 at 1:36 PM with the headline "York County has a $443 million decision to make. It could bring hundreds of jobs.."
