About the 2007 Capital Projects Sales Tax
This proposed 2016 Greenwood Capital Project Sales Tax is similar to a 2007 Greenwood CPST that was approved by Greenwood County voters November 7, 2006. Here are some details concerning the 2007 ordinance and the projects it involved.
- The 2007 CPST was approved to fund two projects: 1) the construction of a new Greenwood County Library and 2) implementation of refurbishments at the Buzzard Roost Dam of Lake Greenwood.
- The 2007 sales tax generated roughly $43 million beginning May 1, 2007 and ending June 30, 2012.
The new 45,000 square foot Greenwood County Library opened in October of 2011 in its new location at 600 Main Street South in Uptown Greenwood.
- The Lake Greenwood dam is regulated by Federal Energy Regulatory Commission (FERC) and the County sought to use the CPST proceeds to implement FERC mandated Buzzard’s Roost Dam seismic evaluation and remediation and fuse plug and flood capacity remediation. A fuse plug is a collapsible dam installed on spillways in dams to increase the dam’s capacity.
- Greenwood County hired various engineers and experts to assist with negotiations with FERC regarding the Buzzard’s Roost Dam.
- In June of 2012, Greenwood County received written notice from FERC that approved a seismic analysis with no remediation. The County’s appeal of the FERC seismic requirement allowed for surplus funds to be available in the 2007 Greenwood CPST.
- In April 2014, Greenwood County Council approved an ordinance in accordance with state law providing for the application of certain capital project sales tax proceeds to pay off approximately $10.5 million of outstanding Greenwood County general obligation bonds and capital leases. These funds were available due to Greenwood County’s successful appeal of FERC’s seismic requirement. Greenwood County is now debt free.
- In July of 2015, FERC and Greenwood County moved into the engineering and design phase for the fuse plug and flood capacity remediation. To read a full status report on the Greenwood County website, click Greenwood County 2007 CPST Status and Timeline (http://www.greenwoodsc.gov/countywebsite/modules/showdocument.aspx?documentid=5261)
- As of June 30, 2016, Greenwood County has a fund balance of $21,132,338.86 from the 2007 CPST to cover costs associated with the dam refurbishment.
- Click to see all collection and expenditure reports associated with the 2007 CPST (http://www.greenwoodsc.gov/countywebsite/index.aspx?page=320).