Charleston’s mayor presents financing plan for Union Pier transformation to Charleston County Council

CHARLESTON, S.C (WCBD) – Charleston County council members heard Wednesday from Charleston Mayor William Cogswell on his plan to transform Union Pier into a place that he says improves the quality of life in Charleston while also generating revenue.

“When you look at cities like Brooklyn and their Brooklyn Bridge Park and Grant Park in Chicago these are incredible gathering places that really make the entire community, the region a more enjoyable place to live,” said Mayor Cogswell.

He spoke to the council about how a ‘TIF’ district is the city’s only financing option for the Union Pier project. A ‘TIF’ if a tax increment financing district.

“It is a very clever financing tool the government can use that doesn’t raise taxes on anybody, that provides a dedicated revenue source that follows private investment to allow for public infrastructure,” said Cogswell.

The council was overall receptive to his presentation.

“I’m very excited about the transformation of union pier there’s a lot of details to be sorted out but the city of Charleston has a good track record with the county’s partnership so I’m excited to see what they come up with. They couldn’t have picked a better business partner,” said Council member Brantley Moody who represents District 7,

The Union Pier project will also help with stormwater and flooding.

“There’s almost 100 million dollars in potential targeted stormwater improvements for this property alone. It is in dire of need of it. It has been long neglected, this being a port property that hasn’t been touched in almost 100 years. If you ever wonder if it floods on that peninsula, just go over there after a rain like we just had you’ll get your answer,” said Mayor Cogswell.

The Charleston County School Board is expected to vote on one other tax entity and then the project will go back to Charleston city council.

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