City Council voted 4-to-2 in favor of $150 million tax bond for expanding Innovista.
COLUMBIA -- Innovista has its critics and not everyone thinks Columbia City Council’s $150 million tax bond to expand the project is worth the immediate risks.
“I don’t have a problem with Innovista,” says Sam Davis. “It’s all about creating jobs in this city.”
USC’s research campus is said to bring in some 28,000 high-paying jobs, but so far the two buildings only host a handful of tenants.
Innovista Director Don Herriott says be patient.
“Hopefully I’ll help accelerate the process, but it’s a long-term commitment,” said Don Herriott.
The decision to spend more money on Innovista brings mixed reactions from the community.
“It’s a tough time economically, but I think it’s making people more swift on their feet so they are going to be wiser about their investments,” says resident Zack Tembi. “It’s going to be more calculated and right now is the time to grow and develop.”
“My position on this is the money,” says resident Tyrone Davis, “because it’s the people’s money.”
Don Weaver of the South Carolina Association of Taxpayers can’t understand the city’s reasoning when the area has so many other needs. The city is considering a potential 11% property tax hike to pay for police and fire vehicles.
“To say that we have to have a property tax hike at the same time we are passing incremental financing for Innovista, I think it’s the wrong time in this economy,” said Don Weaver.
The investment in the project’s success will not affect the city’s tax base yet, but council members say they’ll be ready to act on their vote when the time is right.