NEWBERRY — Newberry County Council started giving readings Wednesday night to borrow just over $2.4 million for a speculative industrial facility.
The shell building will be constructed in the county owned Mid-Carolina Commerce Park located at Highway 773 and I-26 near Prosperity.
County leaders hope the shell building will attract new economic development to the county.
State and county economic leaders have stated that 75 percent of new industries want an existing facility to move into instead of the company have to build on a raw piece of property.
Also there are no empty industrial facilities in the Upstate and county leaders are hoping to capitalize on this.
In order to build the building that will be between 50,000 and 100,000 square feet, the county is getting a low interest loan from Santee Cooper.
The interest rate will be 2 percent and the county will only pay the interest on the loan for five years. It is hoped that the building will sell before the county has to pay any principal on the loan.
In the agreement the county will fund 40 percent with Santee Cooper’s loan funding 60 percent.
The project is also requiring the county to get a general obligation bond for $975,000.
County Council on Wednesday gave first reading in title only, that is without specifics, to both funding sources.
Work has already started on getting the survey and architectural work done on the project.
The project is expected to go out for bids in January or February.
Newberry County Council Chair Buddy Livingston has suggested that the county also work to get a virtual tour of the building so that it can be marketed and hopefully sold before the building is completed.