The city of Florence, South Carolina is financing their downtown revitalization via a combination of sales tax plus tax increment financing (TIF).
The sales tax projects, known as the first and second penny sales tax projects, represent up to $633 million in infrastructure improvements.
The first penny sales tax focuses on six major road projects; the second addresses not only hundreds of roads in the county but additional road expansions, fire departments, water lines and more infrastructure improvements.
The city of Florence is receiving $19.7 million from the second penny sales tax for corridor enhancements, intersection improvements, road widening and resurfacing.
Photo of the Florence Hotel by Dr. Simon Hudson via SC Tourism Center.