For some time the Rock Hill School Board has been in discussion with the City of Rock Hill concerning the City’s request to extent the current Tax Increment Financing (TIF) agreement to include added area and extended time. My fellow Board Member, Ginny Moe, has written an excellent explanation of TIF and our consideration of it. I have included her explanation below along with the link to her very good 1.5 minute video explanation.
Ginny Moe on the Textile Corridor
The Rock Hill School Board will soon vote on extending the Textile Corridor TIF. For a short explanation watch the video or read the video text below. For more detail, see menu items under the TIF tab above.
Quoting from Ginny’s posting:
The Rock Hill Schools have been part of a Tax Increment Financing plan for ten years. Due to the recession and fires, the bleachery area has not produced much tax revenue during that time. If the TIF is extended, the area would be improved and development would occur, producing more tax dollars helping people to live, work, play, and go to school. Rock Hill Schools, York County, and the City of Rock Hill can extend an agreement to share taxes to make improvements. For 25 years the county and schools would continue to receive their current taxes, the city would use the extra taxes generated to make more improvements, and after 25 years the schools and county would again receive all their taxes. Tax Increment Financing is a way to get more county, schools, and city revenues without raising the general tax burden on everyone. For more information and detail, see GinnyMoe.net and search TIF Information on the top bar.
There are two points which helped me to see the importance of TIF. First the area under consideration is in a “blighted” area, i.e. the Bleachery, which is bringing the schools very little revenue currently (approximately $81,000 yearly). Without the area attracting businesses Rock Hill Schools are unlikely to ever increase the amount of revenue we are now getting. Without the city providing improved infrastructure (roads, sewers, utilities) those businesses are highly unlikely to set themselves up there.
Second, Rock Hill Schools will continue to receive the same funds from these areas we are now getting. We are not giving these up. Rock Hill Schools had a similar agreement for the development of the Galleria and Manchester areas. We currently benefit from the increased revenue generated from those successfully developed areas.
Third, I see our relationship with the City as quite valuable and believe that some of the businesses which we hope will come, especially those related to technology, might offer extended learning opportunities to our students. We have already had some small projects of this type which widened our students’ experiences.
Rock Hill Schools and Rock Hill City must be sure our agreement is beneficial to all involved. Therefore, we have talked several times over the past month.