Posted on 05/07/2005 9:47:20 AM PDT by SC Swamp Fox
FLORENCE - It appears Florence County is on the list for hundreds of millions of dollars in State Infrastructure Bank funding.
The SIB Board met at Francis Marion University on Friday and gave preliminary approval to put Florence on the list contingent upon final approval by the board’s evaluation committee.
“I have no doubt that approval will be coming, probably no later than July,” said Sen. Hugh K. Leatherman, a member of the SIB Board. “I talked with members of the board, and they said our presentation was one of the best they’d ever seen. Today is a very exciting day for us.”
The General Assembly created the State Infrastructure Bank in 1997 to provide loans and other financial assistance for major systemwide and regional road projects.
The S.C. Department of Transportation has selected five projects in Florence County that need immediate attention: the completion of the widening of U.S. 378; widening of Pamplico Highway from Florence to U.S. 378 south of Pamplico; completion of the U.S. 301 Bypass; widening of U.S. 76 from Interstate 95 to Timmonsville; and widening of Pineneedles Road from Southborough Road to Ebenezer Road.
The county will be required to match any approved funding to some degree. Typically, that match is two-thirds to one-third, meaning the Infrastructure Bank provides $2 for every $1 the county contributes.
“And remember, Florence County residents will not pay all of that $1,” Leatherman said.
“About one-third of the local match is paid by out-of-county residents. That means for every $2 our residents pay, the state will contribute $6 and out of county residents $1. For these basic needs, Florence County residents will pay only 22 percent of the cost,” he said. “ I do not think the deal will get any better in our lifetime.”
The match would have to come from a 1-cent capital project sales tax, an extra penny on top of the sales tax which voters must approve by referendum. If the referendum is voted down, the county will have to withdraw itself from the funding list. The referendum would be in November 2006. If passed, the additional 1-cent tax would be added in May 2007.
If the capital sales tax referendum passes, Florence County Council would appoint a commission of six people who will hold public hearings throughout the county to make a determination of what projects will be included on the SIB list.
Once the committee develops the list, it would frame the question to go on the ballot, which will actually list the proposed projects. Then, the referendum question is sent to council and the SIB Board for their approval.
The capital project sales tax would be implemented with a seven-year sunset clause. In other words, in seven years, the tax would be removed unless voters go back to the polls and vote to reimplement it. A 1 percent road projects fee passed in November 2006 would generate an estimated $18.4 million in the first year of collection and grow by 2 percent per year.
In seven years, total collections will be approximately $136 million.
“It’s up to the people of Florence if they want to see our area prosper and grow or if they want to let this money to another area of the state,” Leatherman said.
“The rest of the state is taking advantage of the SIB. They’re getting their share. Now, it’s our turn,” he said. “But ultimately, it’s the people’s choice. If they don’t approve the 1-cent capital sales tax, this all becomes a moot point. I will say this: if we miss this opportunity this time, in my opinion, it won’t come back - at least not in my lifetime. It’s basically now or never.”
The match would have to come from a 1-cent capital project sales tax, an extra penny on top of the sales tax which voters must approve by referendum.
Why? Why must the matching funds come from a "new" tax on top of all of the taxes we pay already?
I am familiar with most of these proposed road projects and they are really required, but this whole plan reeks...pork barrel federal and state road funds tied to a "voluntary" tax increase to fund projects that should be funded with existing revenues.
SC Senator Leatherman is a lifelong Democrat who moved to the Republican party several years ago.
Come on, it's not like Florence is good for anything, it's just an interstate road stop...well, Darlington is nearby...okay, Myrtle Beach is an hour away...also, Columbia is an hour away...but still, what is Florence good for?
Yeah, I'm from Horry county...bite me. ;)
That is exactly right. Florence is a railroad town, originally a maintenance depot about halfway between Wilmington and Columbia. Today, it is best known as the junction of I-20 and I-95 or as the location of the nearest hotels to the Darlington raceway.
It's a shame we are going to bump our local sales taxes up a penny to do it, but we will probably take the state and federal funds to widen a couple of local roads. It's not like the money could be better spent on Horry county traffic issues....lol.
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