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SCAMPS /4/2015. Topics. Mission Statement. Who is Santee Cooper? Santee Cooper s Economic Development Tools. Santee Cooper Successes

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SCAMPS 2015 date-unitno-pres no-1 Topics Who is Santee Cooper? Santee Cooper s Economic Development Tools Santee Cooper Successes date-unitno-pres no-2 Mission Statement The mission of Santee Cooper is
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SCAMPS 2015 date-unitno-pres no-1 Topics Who is Santee Cooper? Santee Cooper s Economic Development Tools Santee Cooper Successes date-unitno-pres no-2 Mission Statement The mission of Santee Cooper is to be the state s leading resource for improving the quality of life for the people of South Carolina. To fulfill this mission, Santee Cooper is committed to: 1. Producing and distributing low-cost, reliable energy, water and other essential services 2. Providing excellent customer service 3. Operating according to the highest ethical standards 4. Maintaining a quality work force 5. Being a steward of the environment 6. Being a leader in economic development date-unitno-pres no-3 1 ED Goal & Strategies: Goal: Through business development, attract new in-state industrial customers and lower the average cost/kwh by increasing sales. Strategies: 1. Actively facilitate the development of new and existing industrial product served by Santee Cooper directly or indirectly. 2. Actively promote the sale of this product through Santee Cooper s relationships around the state. 3. Position Santee Cooper as a leader in economic development to attract new in-state industrial customers and to better serve our existing customers. 4 Economic Development Tools Rates Santee Cooper Economic Development Incentive Rate Product Development Santee Cooper Economic Development Revolving Loan Program Municipal Site Readiness Fund Santee Cooper Rural Economic Development Fund (SCRED) Industrial Park Development Site Certifications Marketing & Recruitment Marketing Missions Trade Shows Site Selection Consultants date-unitno-pres no-5 Economic Development Revolving Loan Eligibility: For Local Governments/Municipalities and Nonprofit Economic Development Organizations within Santee Cooper direct-service, wholesale, and municipal-served territories Up to $6 million per project request Term: Not to exceed 10 years Interest Rate: Years 1-3: 0% Years 4-5: ½ of the 10-years Insured Municipal Market Data (MMD) Index Years 6-10: Resets annually to the 10-year US Treasury Rate Eligible Uses of Funds: Construction of speculative building Property acquisition for industrial park Infrastructure improvements or expansion Maximum of 60% of total project costs No prepayment penalties Loan must be repaid once building is sold or leased Certain securities and/or liens on property will be required *Details current as of July 27, 2015 date-unitno-pres no-6 2 Municipal Site Readiness Fund Purpose: To provide funding for the wholesale municipalcustomers served by Santee Cooper, either directly or through the Piedmont Municipal Power Agency (PMPA), to use in the improvement of very high value economic development sites and buildings. Eligible Uses of Funds: The MSRF may be used in the improvement of economic development assets, includingindustrial buildings, industrial sites, and industrial parks and also for the acquisition of land that willbe used to locate industrial businesses to a community. Requirements: Assets mustbe owned bya governmentalentity or some subdivisionthereof. Assets must be served by a municipal customer, either directly served or through the Piedmont Municipal Power Agency (PMPA). All necessary contractual obligations must be established. Determination of Funding: Funding is limited and willbe determined on a case-by-case basis to very high value projects defined as meeting any of the following criteria: Located in High-Traffic areas Located in areas that are deemed to be Very Marketable, but lack adequate product Located in areas which have a Competitive Disadvantage Matching Funds: All funding from the Santee Cooper MSRF mustbe matched at least one-to-one. date-unitno-pres no-7 Approved ED Loans & MSRF 1. Dorchester County 2. Newberry County 3. Laurens County 4. Townof Blythewood 5. Horry County 6. Anderson County 7. Dillon County 8. City of Greer 9. Florence County 10. City of Union 11. Colleton County 12. York County 13. City of Rock Hill (2) 14. Clarendon County 15. Aiken County 16. Townof Bluffton 17. Dillon County 18. Beaufort County 19. Calhoun County 20. Jasper County 21. Orangeburg County 22. Bamberg County 23. Orangeburg County 24. Cherokee County 25. City of Clinton Total Loans: $51.9 million Total MSRF: $2.25 million 1 Santee Cooper Rural Economic Development (SCRED) Program Provides grant money to local government and public economic development entities in Santee Cooper s direct-serve territory Purpose: Advancing economic development in Santee Cooper s direct service territory Requirements: For use in Santee Cooper s direct-serve territory to promote economic development Amount not to exceed $10,000 per organization per year Program Santee Cooper Rural Economic Development (SCRED) Fund Purpose For durable projects (computer hardware/software, presentation materials, etc.) in direct-service territories 2014 Expenditures $ 110, date-unitno-pres no-9 3 Results 2014 $ million in Capital Investment Announced 8,381 new jobs Through June 2015 $1.16 billion in Capital Investment Announced 3,645 new jobs date-unitno-pres no-10 Volvo Cars date-unitno-pres no-11 Volvo Timeline June - July 2014 Volvo Cars begins US search November 2014 Initial Santee Cooper contact by SC Department of Commerce December 2014 Initial site determined to be too small for development February 2015 SC delegation presents alternative site to Volvo in Sweden March 30 & 31, 2015 SC & Santee Cooper negotiation in Sweden April 14 & 15, 2015 SC & Santee Cooper negotiation in Sweden April 29, 2015 SC, Berkeley County, Santee Cooper, & others negotiation in New York May 5, 2015 SC, Berkeley County, & Santee Cooper final presentation in New York May 8, 2015 The Call! May 11, 2015 Official announcement date-unitno-pres no-12 4 Santee Cooper Financial Involvement Total: $45.5 million Land acquisition: $29 million Total Acreage: 6,736 +/- acres Volvo: 2,854 +/- acres Santee Cooper: +/- 3,882 acres Infrastructure & Site Improvements - grants: $12.5 million Training Center loan: $4 million Results: Volvo Cars Phase 1 $500 million capital investment 2,000 new jobs Industrial Park Current Value of developable acreage (2,000 acres at $25,000/acre): $50 million Other Value (timber, wetlands mitigation, etc.): $10 million date-unitno-pres no-13 Volvo Cars date-unitno-pres no-14 5
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