The development agreement will be finalized at the next City Council meeting. File photo
Forge Capital Partners is moving to downtown Spartanburg after the City Council approved a development agreement with the company.
The 7-acre lot behind Chapman Cultural Center will house the $30 million complex, which will include several buildings and a 300-space garage.
The complex will be located on East Daniel Morgan Avenue between Liberty and Silver Hill streets. The construction of the property will be a challenge for developers, as the site houses a large stormwater detention pond and poor soil conditions. In order to help with the expense, the City Council has provided Forge Capital with an incentive package, which includes “conveyance of the city-owned project site at no cost and a Fee-In-Lieu of Tax (FILOT) agreement setting a fee of $25,000 for the development's first year and increasing to not less than $275,000 by the seventh annual fee payment,” according to a press release.
The development agreement will be finalized at the next City Council meeting on Nov. 13.