Release Date: May 1, 2014
Susan Simmons , Director of Finance, (843)341-4645
Notice of Public Hearing
Amendment to Tax Increment Financing Plan for the Town of Hilton Head Island Redevelopment Areas
Notice is hereby given that a public hearing will be held by the Town Council of the Town of Hilton Head Island, South Carolina, in the Council Chambers, One Town Center Court, Hilton Head Island, South Carolina, at 5:00 p.m. on May 20, 2014.
The purpose of the public hearing is to consider an Amended Tax Increment Financing Plan (the "Amended TIF Plan") for the redevelopment of the Town of Hilton Head Island, South Carolina (the "TIF District") which is intended to modify and supplement the original Tax Increment Financing lan for The Town of Hilton Head Island Redevelopment Area Approved in 1999 (the "Original TIF Plan"). The Original TIF Plan will remain in full force and effect except to the extent modified in the Amended TIF Plan.
The boundaries of the TIF District as set forth in the Original TIF Plan will not change.
The Amended TIF Plan amends the Original TIF Plan as follows: (1) Extending the time for the implementation of the Original TIF Plan, as amended, and of the existence of the Town of Hilton Head Island's (the "Town") tax increment financing district (the "TIF District") for an additional ten years; (2) Increasing the cap on TIF expenditures from $65 million in the Original TIF Plan to a cumulative $115 million through the Amended TIF Plan; (3) Describing the TIF Projects which will be included in the Amended TIF plan; and (4) Establishing binding terms and conditions upon which Hilton Head Public Service District, Beaufort County, South Carolina, and the Beaufort County School District, South Carolina will agree to participate in the Amended TIF Plan.
The maximum estimated term of the obligations to be issued under the Amended TIF Plan will not exceed the duration of the Amended TIF Plan which is ten years.
A copy of the Amended TIF Plan is available at the office of the Clerk of the Town.
At the public hearing all taxpayers and residents of the Town and any other interested persons will be given an opportunity to be heard at the public hearing.