Exciting News for Lexington County: A Canadian Beverage Company May Be Heading Our Way!
If you’re in Lexington County, you might want to grab your favorite beverage and sit down because we have some exciting news! A Canada-based company, Cardiff Products Corporation, is looking to invest a whopping $100 million in a new manufacturing facility dedicated to producing plant-based drinks right here in our neck of the woods. Talk about a refreshing addition to the area!
The Plans Are Brewing!
During a recent council meeting on December 10, County Council Chairwoman, Beth Carrigg, expressed her enthusiasm about Cardiff Products potentially moving into Saxe Gotha Industrial Park in West Columbia. This industrial park is already home to major companies like Amazon, Nephron Pharmaceuticals, and Dominion Energy. If all goes as planned, Cardiff could soon be joining that reputable list.
What’s on the Table?
In a bid to woo this Canadian company, the Lexington County Council is evaluating property tax breaks and other incentives related to Cardiff’s investment. The purchasing power of this deal is substantial, especially since it’s projected to create nearly 100 new jobs. Who wouldn’t be excited about that?
Speaking at the council meeting, Stew Cardiff, the company’s president, said, “We look forward to becoming an integral part of Lexington County and the greater Columbia area.” Sounds like they’re ready to hop on board!
The Sweet Incentives
To make the deal sweeter, the county is considering a fee-in-lieu-of-taxes agreement, also known as a FILOT. This would allow Cardiff Products to pay a reduced tax rate—an attractive offer for any company! Instead of the usual 10.5% rate for manufacturers, the company could pay only 6%. That’s a fab savings of around 43%!
But wait, there’s more! If Cardiff Products invests at least $99.6 million and creates 94 jobs within six months, they can keep enjoying those reduced rates. If they don’t meet those benchmarks, however, the county gets to charge them the full rate retroactively. Ouch!
Sharing is Caring
What’s cool about this plan is that it also involves sharing property tax revenue with neighboring Calhoun County. From the revenue generated, 99% would stay in Lexington County according to Garrett Dragano, the economic development director. This collaboration could help boost the job tax credit—the state’s way of incentivizing job creation. As a cherry on top, the credit could increase the amount by another $1,000 per job!
Making Moves for Our Community
Dragano emphasized the importance of these measures in attracting new investments and jobs, “These are our tools to help recruit new investments to the state, in the county. The purpose of doing this is to stay competitive.” Sounds like a solid strategy to keep moving forward!
What’s Next?
As it stands, the council voted unanimously on the second reading of the FILOT and tax incentive during the December meeting. Now, they’re eagerly awaiting a third and final reading, hoping to roll out the welcome mat for Cardiff Products.
All in all, it’s a buzz-worthy time in Lexington County! With bright prospects on the horizon, let’s all cross our fingers and hope to sip on those plant-based drinks produced right in our backyard soon!
