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City and county officials are considering designating the property a multi-county industrial park. That status would allow them to use property taxes to pay for infrastructure such as roads and utilities to benefit the development.
The incentives would help developers compete with counterparts across the Savannah River in Georgia, where incentives are more generous and better defined in state law, said Mark MacDonald, director of investments in the Carolinas and Virginia for Stratford Land Co. of Dallas, the property's owner.
"Really, it's to try to get us a little more on equal footing with the other side of the river," MacDonald said.
The city and county are in the early stages of considering documents related to the deal.
Under the 20-year deal, the city and county would each retain about a third of the property taxes from the site, neighboring Hampton County would get about 1 percent, and the remaining third would go to the development, according to Jasper County administrator Andy Fulghum.
Stratford currently pays about $28,000 per year in property taxes for the undeveloped land, MacDonald said.
Over the life of the deal, Stratford estimates the city and county would each receive about $82 million -- about $4 million each per year. After that, the city would receive about $11 million per year and the county $9 million, MacDonald said.
City and county officials say foregoing some property tax revenue is worthwhile to spur such economic development.
RiverPort alone could surpass Jasper County's current assessable tax base of about $116 million, Fulghum said.
Because it is close to the port in Savannah and a planned port in Jasper County, RiverPort is the county's most promising industrial site, Fulghum said.
"The one thing it lacks is some infrastructure," he said.
Developers say RiverPort is closer to the Savannah port than many available sites across the state line.
Hardeeville city manager Ted Felder said he supports multi-county industrial parks because they help rural communities create jobs and entice development.
"There are areas that need a lot more up front" in investment, he said.
Environmental advocates and officials at the wildlife refuge say the project could irreversibly harm the sensitive coastal area. Stratford officials say RiverPort should have minimal impact on the environment and a major impact on the sagging local and state economies.
