CHARLESTON, SC (WCIV) — In a unanimous vote Tuesday night, the Charleston City Council approved the creation of a tax increment financing district for the Union Pier property.

The vote signals the Charleston County Council and Charleston County School District to begin a 45-day ballot process to establish the TIF, which would allow funds raised through property taxes to be used to build Union Pier’s public infrastructure, city officials said.

“I am pleased that the Council recognizes the importance of a TIF for Union Pier to put the public’s interests at the forefront of this redevelopment,” said Mayor William Cogswell.

“Parks, public access to the waterfront, affordable housing and resilience measures are all possible with a TIF and we advanced those goals tonight.”

The TIF funds will be managed with public involvement and strict oversight to ensure Union Pier continues to develop in line with the needs of our community, city officials said in a news release following the unanimous vote.

Union Pier currently generates no tax revenue, but the redevelopment could generate up to $22 million annually for our schools once fully completed, city officials said.

Further discussion of TIF and affordable housing will take place during a special meeting of the Community Development Committee on Sept. 26 in the council chambers. This meeting is open to the public.

READ MORE | “Charleston City Council votes on tax increment financing district for Union Pier.”