Unnamed company plans $31.25M investment, 174 new jobs in Spartanburg County

Mar. 16—A company is planning to invest $31.25 million and create 174 jobs in Spartanburg County.

On Monday, County Council agreed to the first of three approvals for tax breaks for a project dubbed "Project Slapshot."

This is the sixth major economic project this year in the county. The name of the company and location will be revealed upon the third and final reading of the fee in lieu of tax agreement.

The company will receive a reduced property tax rate of 6% over 30 years. The standard rate is 10.5%.

The company will also be eligible for up to $520,000 in special source revenue credits over three years.

The agreement contains a clawback clause that requires the company to pay the full 10.5% if it fails to meet the required minimum investment of $25 million over five years.

The six major projects announced this year in the county have a combined total of $604.65 million in capital investment and 1,533 new jobs.

Last month, Pall Corporation of New York announced it will invest $30.2 million and create 425 new jobs at a life sciences facility in Duncan.

Pall Corporation's facility will support the rapid development and production of vaccines and therapeutics, including a COVID-19 vaccine. The company already has begun job recruitment.

Also, TTI Floor Care North America of Charlotte, North Carolina announced it will invest $93 million and create 134 jobs at a distribution center on Robinson Road in Greer.

TTI Floor Care sells vacuums, carpet cleaning equipment and accessories for hardwood floors and carpets. Brands include Hoover, Oreck and Dirt Devil.

The same company is behind Project Stone II, a planned $45.2 million investment and 350 jobs.

In January, Project Replay was announced. The unnamed company is planning $380 million in capital investment and 450 jobs.

Also, Project Juniper is a planned $25 million investment on Ft. Prince Road in Wellford.

The names and locations of Projects Replay and Juniper have not been announced.

Fee in lieu of tax agreements is a competitive economic recruitment tool that provides tax breaks to companies that otherwise may choose to locate or invest elsewhere, according to County Councilman David Britt, chairman of the county's economic development committee.

Property tax rates as low as 4% can be offered for the largest projects, and 6% for all others that promise at least $2.5 million in capital investment.

Many existing companies that also produce jobs and investments but don't get the tax breaks claim the tool is unfair. Britt has said the solution would be to tax everyone at the 4% rate.

Contact Bob Montgomery at [email protected]

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