USDA loan helps fund South Carolina grocery store

12/20/2011

The Jackson, South Carolina, town council is close to approving a tax increment finance (TIF) district that would allow for the construction of a Harvey's - a grocery store - the Aiken Standard reports.

Town officials will utilize 25 parcels of land for the district. Harvey's, a subsidiary of Food Lion, would take up approximately six acres.

A TIF is typically reserved for underdeveloped or underserved areas, with projects paid for by borrowing against future property tax revenues.

It's predicted that Harvey's, along with the recently constructed nearby Ameresco biomass plant, will generate enough tax revenue to help pay back a $740,000 USDA loan the town recently applied for.

According to attorney Gary Pope, the grocery store, when combined with Ameresco improvements and projected small business development, could result in the potential for as much as $6 million in tax revenue.

"This is the mayor's ultimate dream come true," Pope told the news source

At a town council hearing earlier this month, Pope pointed out the TIF district would not affect Jackson residents' taxes nor anyone else in Aiken County, the news source notes in a separate article.