The Bailey Bill is in place to encourage redevelopment of Historic Commercial Buildings in the City of Walterboro’s Central Business District.
This piece of legislation allows a current owner, or purchaser of an eligible property to improve the structure without increasing taxable value. If an owner invests at least 50% of the taxable value in the renovation/restoration of an eligible property, they can “freeze” the taxable property value for 20 years. There are specific steps required in order to initiate this program and they must be undertaken before work begins. If you interested in possibly taking advantage of this program, call Hank Amundson at 843-782-1004 or email firstname.lastname@example.org .
The ”Omnibus” Economic Development Incentive Ordinance
The City of Walterboro wants to encourage development in our Historic Downtown, as well as on it Gateway Commercial Corridors.
In 2020, City Council finalized and adopted a comprehensive ordinance to do this.
The ordinance established 6 corridors. The Districts are: (Click on District Name for map)
Historic Downtown District
- All properties located within the Central Business District (CBD) are eligible.
Jefferies Blvd. District
- All properties fronting North or South Jefferies Blvd
Charleston Gateway District
- All properties fronting Hampton St. from Strickland St. to City Limits.
Summerville Gateway District
- All properties fronting Wichman St. from Savage St. to City Limits.
Beaufort Gateway District.
- All properties fronting Hendersonville Highway from Sniders Hwy to City Limits. As well as Commercial Properties fronting Greenpond Highway from South Jefferies Blvd. to City Limits.
To find out about investment thresholds and the eligible business types, click here or call Hank Amundson at 843-782-1004 or email email@example.com