YORK COUNTY, S.C. — The York County Council narrowly approved a revised tax incentive package Wednesday night aimed at bringing Swiss pharmaceutical company Octapharma’s first U.S. manufacturing plant to Rock Hill.
The proposed $1.5 billion investment would create approximately 1,500 high-paying jobs at the former Panthers practice facility site.
[ PREVIOUS COVERAGE: York County, Rock Hill squabble over tax incentives for Octapharma project ]
The revised plan passed in a 4-3 vote after weeks of debate over how tax revenues would be shared among York County, the City of Rock Hill, and Rock Hill Schools.
Under the new proposal, Rock Hill would forgo 85% of its tax revenue from the project, down from 100% in a previous version, while York County would contribute 10% of its economic development fund revenue.
The changes would direct an estimated $80 million to Rock Hill Schools over the next 40 years.
Supporters say the revised agreement strikes a better balance while preserving a transformational economic development opportunity for the region.
Opponents, however, warned the city may still reject the deal because it is being asked to contribute more than originally negotiated, potentially jeopardizing the project and future economic development partnerships.
The proposal now heads to the Rock Hill City Council, which must decide whether to accept the revised incentive structure.
City leaders had previously opposed an earlier version of the agreement, making their next decision crucial to whether the Octapharma project moves forward.