Council Gives Initial Approval to Watts Mill Developers
Laurens County nods to $50 million residential project
Monday night’s vote opens way for unique tax incentive plan
The Laurens County Council unanimously signed off on the initial reading of a tax incentive scheme for the proposed $50 million residential development, “Project Onward”, at the former Watts Mill site, based just north of Laurens off Highway 221. Greenville-based development firm, Clear Mountain Properties, has asked for a Special Source Revenue Credit (SSRC) for the project. The project includes plans for 178 townhomes and a commercial public arena such as a coffee shop, with an expected rental rate for the homes ranging between $1,200 and $1,800 per month.
The proposed SSRC seeks to average a 65% tax break over the lifespan of a 15-year agreement, focusing this assistance primarily during its initial stages, as that is when the hoist of the investment occurs. While homeowners in Laurens County pay taxes at a 4% rate, this breaks the usual mold for developers and rental property owners who fall into the 6% bracket.
The Unique SSRC
The SSRC initiates a new first in tax incentives for Laurens County. Seeing success with Clear Mountain Properties and additional developers, this arrangement has already proven successful in the nearby counties of Spartanburg, Greenville, and Anderson. These area have utilized SSRC under state law, aligning similarly with FILOT (fee-in-lieu-of-taxes) agreements with industries in the case where the county must create an “industrial park” to establish incentive agreements. The process does not enforce the creation of a physical industrial park, but rather constitutes the administrative framework to let the incentive agreement proceed.
Development Plans & Incentive Distribution
Council Chairman Brown Patterson has expressed interest towards channelling the SSRC revenues towards Laurens County School District 55, given the potential incoming influx of families due to the development. There is anticipation that the school district will likely see an increase in enrollments. Developers have expressed intent to repurpose some historical parts of the former mill site, including the refurbishment of the boiler room to become a common area for residents, and to retain the Watts Mill smoke stack. This development has potential to serve as a new gateway into Laurens County and the City of Laurens, which is projected to benefit Laurens County and the City of Laurens with the creation of much needed rental opportunities.
Next Steps and Future Meetings
Last night’s council approval only marks the first step in proceeding with the project. Now, final approval requires two more readings and a public hearing. The council understands the importance of understanding and envisioning the input from District 55 leaders prior to the final approval. The council’s next order of business includes a scheduled public hearing on July 18 intended to revisit the county’s comprehensive plan for approval.
