The Charleston City Council will make a final vote on Union Pier's financial plan

CHARLESTON, S.C. (WCSC) – The city of Charleston will put a final stamp on a proposed financial plan that could fund several public infrastructure projects.

Council members will meet in a special meeting Monday to hold the second and final reading for a Tax Increment Financial District plan, or TIF.

This will come in about a week after Charleston County And Charleston County School District approved their part of the multi-phase project.

Participating in a TIF would allow the city to shift property tax revenues from private redevelopment projects to public infrastructure planning. This includes drainage, public parks and water access points and resilience, as well as the transformation of Union Pier.

The city believes the change would increase property values and generate higher tax revenue, which the pier currently does not generate. Mayor William Cogswell believes this could be an investment worth $2 billion and $47 million per year over 30 years.

Union Pier is deteriorating, but leaders believe a TIF would help revitalize the space as a hub for the fast-growing peninsula.

“This will be a long time coming, and it is an incredible once-in-a-generation opportunity, not just for the people of the peninsula, but for the entire region. To take this piece of property and return it to the public domain,” Cogswell said.

The meeting will take place at 5 p.m. and conclude with a final vote on the project.