Two projects are being called by code names until the deals are done, but this week Dorchester County Council held the first readings to offer tax breaks to the companies looking to locate or expand in the County. Instead of paying traditional taxes, the county is offering the businesses a less expensive fee.
The projects could lead to new jobs and industry in the community, according to documents obtained by News 2.
Project Turtle, as it’s being called, is the expansion of a current manufacturer in the county. The project will include the construction of at least one new building and create 10 jobs during the next five years. The manufacturer will invest some $8,500,000 in the county.
Project Trio was also presented to County Council Monday. The business won’t be identified until the third reading. Documents show the county is offering a multi-county industrial park to the company.
The fees in lieu of taxes are being offered for 20 years for Project Trio. In the first year of Project Trio, the business would have paid $79,656 in taxes. Instead, the company will pay a $58,594 fee.
Offering a fee in lieu of taxes is a common practice for municipalities to attract economic development.