CHARLESTON, S.C. (WCSC) – The city of Charleston will put a final seal on a proposed financial plan that could fund several public infrastructure projects.

Council members will meet Monday in a special called meeting to take the second and final reading of a Tax Increment Financial District, or TIF, plan.

This arrives in approximately a week. after charleston county and Charleston County School District approved its part of the multi-phase project.

Entering a TIF would allow the city to divert property tax revenue from private redevelopment projects to public infrastructure planning. This would include drainage, public parks and water access points and resilience, as well as the transformation of Union Pier.

The city believes the change would increase property value and generate greater tax revenue, which the pier does not currently generate. Mayor William Cogswell believes this could be a $2 billion investment and $47 million annually over a 30-year period.

Union Pier is deteriorating, but leaders believe a TIF would allow resources to revive the space and turn it into a hub for the fast-growing peninsula.

“This is a long time coming and is an incredible once-in-a-generation opportunity not only for residents of the peninsula, but for the entire region. Taking this property and returning it to the public realm,” Cogswell says.

The meeting will be at 5 p.m. and will end with the final vote on the project.

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