Greenville-Based Clear Mountain Properties Wins Initial Approval to Develop Watts Mill Area
In a recent turn of events, the Laurens County Council unanimously voted in favor, on Monday night, to pass the first reading of a tax incentive plan for “Project Onward.” This proposed residential development is set to transform the former Watts Mill site situated off of Highway 221 to the North of Laurens.
Clear Mountain Properties, a Greenville-based property development company, have requested a Special Source Revenue Credit (SSRC) for the massive $50 million project. The development includes the construction of 178 townhomes that are projected to be rentable for $1,200 to $1,800 per month, as quoted by Stormie Ellenburg, the director of development at Clear Mountain.
The company proposes a front-loaded SSRC, which would translate to an average tax break of 65% over the proposed 15-year agreement. Ellenburg expressed that the assistance was vital at the start of the project as this is the period when the lion’s share of the financial investment takes place.
Tax Incentives and Projections
Typically, developers and rental property owners are levied a tax rate of 6% in Laurens County with homeowners paying at a rate of 4%. The introduction of the SSRC will be a first for the county but this model has been successful for numerous developers including Clear Mountain Properties in the neighboring Spartanburg, Greenville, and Anderson Counties.
Although the agreement was approved in its first reading, the exact amount of the incentive was not settled. This is due to the requirement of setting up an ‘industrial park’ in the county for both SSRC and ‘fee-in-lieu-of-taxes’ (FILOT) agreements. However, this does not imply a physical industrial park; this is legal groundwork that needs to be established for the deal to press onwards.
Destination of Revenues
Brown Patterson, the Council Chairman, and Vice-Chairman Jeff Carroll, highlighted that the allocation of the SSRC revenues is a foreseeable issue. Patterson recommended that Laurens County School District 55 should be a beneficiary of the funds as the incoming influx of families will inevitably increase student numbers.
Community Spaces and Historial Preservervation
Potential community spaces like a coffee shop or a public gathering place are also part of the project’s plan. Ellenburg added that the company intends to keep the Watts Mill smoke stack, a noteworthy heritage structure located at the former mill site. The plan also envisions the refurbishment of the boiler room to function as a communal area for the residents. Besides these preserved elements, the rest of the Watts Mill will be newly constructed as the earlier buildings have fallen into disrepair and were demolished.
Having accepted the initial proposal, the Council members are now awaiting further input from the District 55 education leaders. This project still requires two more readings and a public hearing before it can receive final approval. Carroll believes that this venture will be beneficial not only for Laurens County but also for the City of Laurens, as it presents much-needed rental opportunities for future residents close to the city’s downtown region.
In addition to this, a public hearing has been scheduled by the Laurens County Council on Thursday, July 18 for the review of the county’s comprehensive plan for approval and also to discuss further plans about other major issues in the county.
