UNION COUNTY — Local officials are welcoming a commitment by Sonoco Plastics to invest $2.5 million over the next five years in Union County.
In November, Union County Council approved a resolution authorizing an inducement agreement between the county and Sonoco. The agreement states that, under certain conditions, the county will enter into a Fee In Lieu of Taxes agreement with the company with respect to its investment in its local industrial facilities.
The approval of the resolution was followed by council voting unanimously to approve first reading of an ordinance authorizing the FILOT agreement which will allow the company to pay a lower property tax rate on its investment for the duration of the agreement.
Sonoco requested that the county provide the agreement to assist it in the project which will result in a “fully taxable investment” in its Union County manufacturing facilities of at least $2.5 million by Dec. 31, 2018.
On Tuesday, the FILOT agreement became law as council voted unanimously to approve third and final reading of the authorization ordinance.
Sonoco’s investment was welcomed by local officials including Union County Development Board Chairman Joe Nichols.
“We’re always very excited for existing companies to invest and expand in Union County,” Nichols said. “This $2.5 million investment by Sonoco is one of many of announcements we’ve had in the past of expansions in Union County. That’s part of the development board’s mission, to help sustain and retain existing industry and help them with any of their future expansions.”
Development Board Executive Director Andrena Powell-Baker also welcomed Sonoco’s commitment and stressed the importance of the success of existing companies to the local economy and the importance of local support for those companies.
“We’re always happy to see an existing company grow their business,” Powell-Baker said. “Existing companies are our bread and butter and we recognize that more and more every day.
“We support our existing industries’ growth through local incentives,” she said. “This office works very closely with plant managers and human resource managers to support any expressed needs they may have.”
Supervisor Tommy Sinclair said that Sonoco’s investment is a cause for celebration and a vote of confidence in the future of Union County.
“Sonoco represents a long-term and diversified industry for us,” Sinclair said. “We strive to sustain and support existing industries just as much as we seek new industries. This signifies their continued and growing confidence in our future.”
Sonoco, which produces plastic products, has facilities on Sonoco Road and Rice Avenue Extension.
Editor Charles Warner can be reached at 864-427-1234, ext. 14, or by email at firstname.lastname@example.org.