Common Contracts
1 similar Fee-in-Lieu of Tax and Incentive Agreement contracts
FEE-IN-LIEU OF TAX AND INCENTIVE AGREEMENTFee-in-Lieu of Tax and Incentive Agreement • November 18th, 2022 • South Carolina
WHEREAS, the County, acting by and through its County Council (the “Council”), is authorized and empowered under and pursuant to the provisions of Title 12, Chapter 44 (the “Act”) of the Code of Laws of South Carolina 1976, as amended (the “Code”) and Title 4, Chapter 1 of the Code (the “Multi-County Park Act”): (i) to enter into agreements with certain investors to construct, operate, maintain, and improve certain industrial and commercial properties through which the economic development of the State of South Carolina will be promoted and trade developed by inducing manufacturing and commercial enterprises to locate and remain in the State of South Carolina and thus utilize and employ the manpower, agricultural products, and natural resources of the State; (ii) to covenant with such investors to accept certain payments in lieu of ad valorem taxes with respect to the project (a “FILOT”); (iii) to permit investors to claim special source revenue credits against their FILOT payments to
