Oakbrook Tax Increment Finance Plan aims to redevelop and reinvest in Oakbrook area

Dorchester County News

SUMMERVILLE, SC (WCBD) – For about five years the Oakbrook Tax Increment Finance Plan has been a vision and part of a strategic plan for Dorchester County.

It allows for reinvestment and redevelopment in the Oakbrook area.

Through this plan, Oakbrook would see many improvements to their recreational sites, roads, and schools.

Making these kinds of changes would rely on the collection of funds from private properties.

To acquire these funds, the county would need to collect assessed value growth from properties like commercial strip malls.

This way, taxes would not increase since the natural growth is being utilized.

Deputy County Administrator, Rebecca Vance believes that this kind of improvements can ALSO bring new economic growth to the county.

“By doing public investment in the area we will encourage private investment and you’ll see some improvements to the district and to the existing commercial areas maybe some new commercial areas and improvements to the residential areas just because of the general improvement in the commercial areas,” says Rebecca Vance, the Deputy County Administrator of Dorchester County.

A public hearing discussing details of this project with be held on November 4th

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.