Former warehouse to be redeveloped
February 27, 2008
State legislation offers tenants tax credits
Published: Wednesday, February 27, 2008- 2 :00 am
By Kelly VanLeeuwen
Greenville SC Tribune Times
New occupants could move into the old Pillowtex warehouse soon, and they could get a tax break.
The Mauldin City Council passed a resolution Feb. 18 that determined the site, being redeveloped by Trinity Capital Advisors, is eligible for tax relief under the Textile Communities Revitalization Act.
The act , approved in 2004, offers tax breaks for the rehabilitation of abandoned buildings previously used as textile manufacturing facilities, such as the Pillowtex warehouse at 1312 Old Stage Road.
Redeveloping the warehouse will mean more people living in Mauldin and more sales tax, according to Sean McKinley. a director with Trinity Capital Advisors. Due to the lease structures, the tax breaks will be passed along to the new occupants, McKinley said.
The breaks, realized in the first two to three years, will give the new businesses time to establish themselves.
The bigger picture, McKinley said, is with help from the textile act, the Pillowtex property will turn from an “eyesore into an asset. The whole thing is to help the community.”
Approving that is a “no brainer.” Councilman Gabe Hunter, chair of the Planning and Economic Development Committee, said during the council session.
The old Pillowtex warehouse has been vacant for several years. After closing on the property in June 2007, Trinity Capital Advisors has already invested $1 million to renovate the property.
New paint, lighting and landscaping was added, the asphalt and roof were repaired, and individual store fronts were added for a sense of identity, McKinley said.
The property is zoned industrial, according to Hunter. In keeping with the zoning, McKinley hopes to attract light manufacturing and distribution tenants.
Ultimately. the city of Mauldin must pass an ordinance requiring two readings to establish any tax credits under the act, according to city administrator Trey Eubanks.
According to a timeline in a city report, after meetings with Greenville County and the Greenville County School District, the Mauldin City Council could hear the first reading March 17.
A public hearing is scheduled for April 4, and second reading for April 21.