FLORENCE, SC (WMBF) – The Florence City Council approved two bonds this week that will go toward an economic development project.
According to Florence City Manager Drew Griffin, the bill providing for the issuing and sale of a $2.9 million and a $4.2 million bond passed on a 7-0 vote on Tuesday.
While city leaders are remaining tight-lipped on what the economic development is the bonds will support, Griffin did say they will go toward infrastructure associated with a redevelopment project.
Griffin added the bonds are scheduled to be paid off over a 20-year period, noting the city has revenue available to make those payments.
Eventually, the bonds will be paid back fully by the tax increment financing district in which the project is located, Griffin said.
City officials hope to announce the project in the first quarter of 2019.