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The New River area grew quicker than anticipated and generated more tax revenue, county finance chief David Starkey said Tuesday after a joint meeting with members of the Beaufort County Council and Board of Education.
This could enable the county to repay $40 million in bonds as early as 2013, which would save taxpayers thousands -- perhaps even millions -- of dollars in interest payments, Starkey said.
The school district and county also would begin receiving more property tax revenue from the New River area, he said. A portion of those r revenues now go to paying off the debt.
Starkey cautioned, however, his projections assume growth continues at the current rate. Also,any changes to property values in the area would alter his projections, he said.
The 2002 bonds are due to be paid in full in 2027.
The New River Tax Increment Financing District, encompassing 3,500 acres in southern Beaufort County, was formed in 2002 to help finance the University of South Carolina Beaufort and Technical College of the Lowcountry campuses on U.S. 278.
A TIF district is a specific geographic area in which a portion of property taxes are earmarked for public projects. The funding mechanism uses rising property taxes to pay off the bonds that finance the projects. The idea is that a public investment, such as the campuses, will raise property values around it and spur more revenue-generating growth.
USCB received about $26.5 million for its south campus.
TCL received $7 million from the special tax district for its south campus.
In other action
At its Tuesday meeting, the Beaufort County Board of Education:
• Unanimously approved calendars for the 2010-11 and 2011-12 school years. All school offices will be closed for four days between Christmas and New Year's Day to save $27,290 in operational costs. Administrators who would typically work will be required to use vacation days during that time.
• Learned the mascot for Bluffton Middle School, opening next fall, will be a mustang. School colors will be red, silver and brown.
• Learned the mascot for the Whale Branch Early College High School, also opening next fall, will be the warriors. School colors will be purple, gold and silver.
