North Augusta leaders explain Project Jackson financing - WFXG FOX54 Augusta - Your News One Hour Earlier

North Augusta leaders explain Project Jackson financing

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NORTH AUGUSTA, SC (WFXG) -

The Aiken County School Board will decide Tuesday if they will support the financing for Project Jackson.

North Augusta city leaders will present them with a plan to finance the project, which would cost about $150 million to build a minor league baseball stadium, high-class hotel and retail for the riverfront.

The agenda for the meeting states the financing "concept is not well understood by the general public."

Fox54's Mark Barber asked Ned Fields, "Do you know how they would finance it?" Fields said, "We know it's going to be something with the tax money we already know that."

Linda Allen said, "Probably taxes, I assume."

But North Augusta City Administrator Todd Glover says that's not how Project Jackson will be paid for.

"No one will see their taxes go up," he said. 

Glover says it's probably easy for people to become confused or misinformed because it's a complicating subject.

"It's not easy to explain in a minute or two minute news story," Glover, said.

The city of North Augusta would like to freeze property values for the riverfront property for 15 years where Project Jackson would be built.

During that time period, the school board won't lose a penny; they will continue to get $3,500 from property taxes. Project Jackson will get the rest; Glover says the school board will get about $1 million per year after the 15 year time constraint ends.

Glover says they also plan to receive about $100 million in private investments for Project Jackson.

After hearing how the project will be paid for, Fields said he's on board, "That's what's up; you know what I'm saying? My kids go to these schools and that would help better the schools in the area; can't beat that," he said.

Glover says they will also ask the county for their support on August 20.

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