Drayton Mills, a Sherbert Group Development in Spartanburg, S.C. Used as Model for Success in Congressional Tax Credits Debate

CHARLOTTE, N.C.–(BUSINESS WIRE)–The historic renovation of Drayton Mills is becoming a national model for success in using tax credits to revitalize communities, with Sen. Tim Scott showcasing the project during the Nov. 16, 2017, Senate Finance Committee hearings.

Historic Tax Credits (HTC) encourage private sector investments in the rehabilitation and re-use of historic buildings. With industry professionals responding to policy shifts in tax reform that jeopardized the Historic Tax Credit, Sen. Tim Scott, R-S.C., offered Drayton Mills as an example of how tax credits can be used to renovate an historic structure and transform a community. See www.HTCisnotHistory.com.

On Nov. 6, 2017, Senator Tim Scott and Secretary Dr. Ben Carson of Housing and Urban Development visited Drayton Mills to witness firsthand the successful historic renovation project. “I had the good pleasure and privilege of taking Sec. Ben Carson to Drayton Mills in Spartanburg, S.C., an old factory that has benefited from historic preservation dollars and vision that has brought new life back into an old community, a dilapidated part of the community,” Scott told committee members.

Tara Sherbert, CEO of The Sherbert Group, stated, “Senator Scott’s support of the HTC program has been instrumental in ensuring that this program will be sustained for continued redevelopment throughout the state of South Carolina and nationwide.”

Senator Scott supported efforts to incentivize investment in economically distressed areas by allowing billions of dollars in private capital to be used to encourage small businesses and to develop dilapidated properties in at-risk communities most in need of a resurgence. Senator Scott’s (R-S.C.) bipartisan legislation, Investing in Opportunity Act (IIOA), passed out of the Finance Committee as a part of the tax reform bill that will be voted on by the full Senate in the coming weeks.

Using Drayton Mills as an example, Governor Henry McMaster (R-S.C.) lauded efforts by congressional members and encouraged their support in economic growth initiatives stimulated by HTC, such as Drayton Mills. Drayton Mills is the largest historic restoration project in South Carolina to-date. The site of a former textile mill and mill warehouses that were constructed between 1902 and 1950, Drayton Mills offers 70 unique floor plans, as well as a variety of mixed-use space.

During recent remarks at Knowledge Park, a large redevelopment effort in Rock Hill, S.C., Gov. McMaster again acknowledged community revitalization efforts through historic tax credits and commended the transformation taking place at Knowledge Park, where a once-thriving textile manufacturing operation spanning city blocks had sat blighted and abandoned. Because of HTC, the more than 200,000-square-foot redevelopment will host jobs in the knowledge-based economy through a variety of business tenants, new hotels, an athletic center and 175,000-square-foot arena.

Drayton Mills and Knowledge Park are just two examples of tax credit industry leaders championed by The Sherbert Group.

Contacts
The Sherbert Group
Tara Sherbert, 704-399-4455
Managing Principal
tara@sherbertconsulting.com
www.sherbertgroup.com