§ 5-2024. New construction in downtown and redevelopment corridors.
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The property owner responsible for qualifying new construction (as defined in section 5-2021(i) of this article) will be reimbursed for all city real property taxes paid by the
owner on the relevant property attributable to the new development on that property
for a maximum period of three (3) years. For the purposes of section 5-2021(i)(3) of this article, a property owner who creates new rental housing in an upper
story (or in upper stories) of an existing commercial building in the tax increment
financing district will receive double the reimbursement authorized hereunder. To
qualify under this section 5-2024, the new construction must either be in the city downtown tax increment financing
district or in a redevelopment corridor defined in section 11.2 of the Unified Development
Ordinance of the City of Beaufort, South Carolina. Should a property owner elect to
receive a lump sum payment for all such taxes which will be credited, the city will
pay the property owner for all such real property taxes which the property owner will
pay which are attributable to the qualifying new construction for a maximum period
of three (3) years, upon that owner's receipt of a certificate of occupancy for that
newly constructed building or that area of the previously existing commercial building
which was renovated, improved, and/or added.
