Auto-related manufacturer to invest $400M in SC after green lit for taxpayer incentives
An unnamed automotive vehicle parts manufacturer wants to make a $400 million investment in South Carolina, and on Tuesday received state approval to use taxpayer incentives to make it happen.
The manufacturer, whose identity was not released Tuesday, neither in state documents nor in two separate state oversight committees, is called “Project Samurai” and says it would create 400 jobs.
The documents do not state where the project would be located.
On Wednesday, Gov. Henry McMaster and Lt. Gov. Pamela Evette plan to attend what is being called an “economic development announcement” at BMW’s facility in Greer.
First, to help the project move forward, the Joint Bond Review Committee gave the state Department of Commerce approval to take $135 million out of its closing fund. The committee also approved a $65 million grant for a separate project, which also is expected to have a substantial commitment of new jobs and capital investment.
In addition to that spending, the State Fiscal Accountability Authority — chaired by McMaster — approved borrowing $70.3 million to help cover infrastructure improvements for a “manufacturing facility for certain products for use in the automotive industry,” documents show.
The improvements would include road, water and sewer, and money for an employee training center.
The State newspaper has asked for more details about the project.
In an emailed statement sent to The State newspaper, commerce department spokeswoman Kelly Coakley said Tuesday, “S.C. Commerce cannot comment on details about a project until the project is announced publicly, including when the project will be announced.”
With McMaster, the Legislature’s budget chairmen Sen. Harvey Peeler, R-Cherokee, and Rep. Gary Simrill, R-York, also sit on the State Fiscal Accountability Authority. So do Treasurer Curtis Loftis and Comptroller General Richard Eckstrom.
Eckstrom was the only member of the panel who did not vote on the question to issue bonds for the project.
Infrastructure spending on ‘Project Samurai’
A breakdown of how the state of South Carolina says it plans to spend $70 million for infrastructure improvements for an automotive company project:
▪ Employee training facilities: $15 million
▪ Road improvements: $21 million
▪ Water infrastructure: $12.15 million
▪ Sewer infrastructure: $20.25 million
▪ Contingency: $1.6 million
Source: State Fiscal Accountability Authority
