A new tax increment financing (TIF) district for Laurens Road has taken a significant step forward. The board of trustees for Greenville County Schools voted in favor of the city of Greenville’s Laurens Road Redevelopment Plan during a recent meeting, with an 8-4 vote. This initiative covers approximately 223 acres along Laurens Road, stretching from Haywood Road to Verdae Boulevard.
The Greenville City Council previously approved the redevelopment plan in mid-October. A 45-day period for public comments is currently open, allowing various governing bodies—including the city, Greenville County, and the school district—to weigh in on the proposal. On November 5, the Greenville County Council also endorsed the TIF for Laurens Road.
A public hearing regarding the redevelopment plan is scheduled for December 9. The TIF will enable the city to reinvest additional property tax revenue generated in the district into public infrastructure projects. This initiative is expected to benefit developers such as Verdae Development and Hollingsworth Funds, which plan to transform about 90 acres along Laurens Road into a mixed-use area.
The redevelopment is projected to create around 3,000 new residential units, leading to an estimated increase of 510 students in the local schools. The TIF district will lock the current property tax allocations for the next 30 years, but as the district develops and property values rise, this will generate more tax revenue.
Half of the additional property tax revenue will be shared among the taxing authorities, on top of their current earnings. According to Superintendent Burke Royster, Greenville County Schools is set to receive about 57% of that additional revenue as laid out in the redevelopment agreement.
Currently, Greenville County Schools generates approximately $360,000 annually in tax revenue from this area. After 30 years, it is estimated that this amount could increase to around $18 million each year.
In other news, six school board trustees were sworn in on November 19, including five reelected members and new trustee Scott Cline for Area 19. The board also moved forward with the purchase of 219.8 acres of land along Woodside Road for future expansions, as well as selecting an architect for the expansion of Fountain Inn Elementary into a K-8 school.
