The resolution going before the North Augusta City Council provides preliminary approval to several amendments that expand the scope and add new projects to a 1996 riverfront redevelopment plan.
The amendments involving the redevelopment district of Hammond’s Ferry Riverfront Center would include a 225-room hotel, a 225-unit apartment complex, 30,000 square feet of commercial space, 40,000 square feet of office space, restaurants, 75 townhomes, a conference center and a 900-space parking garage.
The amendments reflect North Augusta’s intention to issue 30-year tax-increment revenue bonds for its portion of the public-private development, to include $4 million for the conference center, $10.8 million for the parking garage and $28 million for the stadium.
The city will service the bonds with tax-increment financing, meaning it will use property tax revenue generated by new development in the district along with other sources, such as sales tax revenues, hotel and hospitality fees, stadium naming rights and user fees and parking fees.
City Administrator Todd Glover warned that passing the resolution does not constitute approval of Project Jackson. The council is required to hold three additional readings and a public hearing on the ordinance, along with three readings and a public hearing on the bond issue.