“How can we help Laurens Road reach its full and best potential?”
That’s the question posed by District 4 City Councilmember Will Brasington, explaining the City of Greenville’s new public-private partnership to redevelop 223 acres along Laurens Road without raising your taxes.
On Monday, Dec. 9, city council gave final approval to a tax increment financing (TIF) district to support the development of Laurens Road’s east side from Haywood Road to Verdae Boulevard.
How does it work?
Property values will go up with this redevelopment which means property taxes will be higher generating more revenue for the City of Greenville. When that happens, the property tax revenue will be broken into two streams:
- Half will go to the developer, Verdae Development, Inc.
- Half will go to the City of Greenville, Greenville County, and the Greenville County School District
What can you expect to see?
“It’s a little bit of a blank canvas that a lot can be done with,” said CEO Verdae Development, Inc. Dan Klausner.
The developer will focus on ~90 acres of property to create “a new urban node and destination” that aligns with the GVL 2040 Comprehensive Plan. Once the development is complete, the City of Greenville will use $285 million in bonds to purchase public areas and infrastructure.
The developer will pay to construct:
- Infrastructure
- Utilities
- Single and multi-family homes
- Parking facilities
How long will it take?
Phase I of this development is already complete. The Legacy Connector extended the Prisma Health Swamp Rabbit Trail and helped connect neighborhoods to Legacy Park. It was built by Verdae Development, Inc. and is now managed by the City of Greenville.
The remaining phases will take up to 25 years.
