ICYMI, the City of Columbia and Richland County announced earlier this month an innovative plan that offers significant tax breaks for commercial and residential projects over $30 million. Developers can now receive up to 50% joint property tax break for up to 10 years on approved projects, as long as the money saved is spent on area improvements like sidewalks, utility infrastructure, turn lanes, or parking.
Almost ⅔ of Columbia’s property is government-owned, so it goes untaxed – leading to higher tax rates for commercial taxpayers. Many have said this is an undue tax burden and that the City makes it hard to do business in Columbia due to these costs.
This new plan is a City/County collaborative effort to reduce some of those costs of doing business to stimulate more commercial mixed-use development here in the Midlands. Think: more office space, hotels, multifamily residential communities, and retail/restaurants.
Local commercial real estate firm Trinity Partners says that for entrepreneurs looking to open up a brick-and-mortar or for out-of-market businesses looking to expand into Columbia, this deal is a huge opportunity – almost too good not to take. And the timing couldn’t be better since Columbia was just ranked fourth in the nation for cities where millennials are moving.
Click here to learn more about the deal + see an expert take on how to take advantage of this giant investment opportunity. Ball’s in your court, hustlers. Ⓟ