CONWAY, SC (WBTW)- Conway City Council agreed on an incentive Monday that is designed to spark redevelopment in certain areas.
According to the ordinance, any new business that opens up along Highway 701, Highway 378 or downtown Conway will be reimbursed capital recovery fees. The fees vary based on the business’ water and sewage use, but can cost thousands of dollars.
After more than 20 years as a stay at home mom, Leslie Wilson decided to pursue her dream and open up a restaurant in the city she loves.
“Organic, farm to table, fresh local grown,” described Wilson.
She’s confident the food will be delicious, but the idea of renovating a 90 year old home is tough to swallow.
” Its a big leap of faith,” she stated. “We had to get a loan to get this place going and that of course is nerve racking.”
Wilson would’ve had to pay the city $33,000 in capital recovery fees. Luckily, the future Shine Cafe is located along Highway 701 and qualifies for the city’s new redevelopment incentive. So Wilson can put $33,000 towards other projects.
“We want to build a yoga studio upstairs,” she said.
Planning Director Adam Emrick expects Conway to some commercial growth in the future. He says this incentive allows the city to direct where that growth will go.
“We want to redevelop and enhance these corridors that have been struggling or slower to develop then 501,” he explained.
According to Emrick, the capital recovery tax goes towards maintenance and expansion of the city’s water system. The city will hopefully will make up the difference with additional sales tax and business license tax.
Wilson thinks the incentive will encourage more businesses to invest in the River City.
“We’re already thinking about expanding and we haven’t even started yet,” she laughed.
Emrick told News 13 the city will reimburse capital recovery fees within 60 days of payment. Council voted to have the incentive only last three years.
