Commercial property owners often will have all kinds of expenditures when it comes to making improvements for tenants. Do those costs get capitalized? Do they get expensed? What kinds of improvements qualify for Qualified Improvement Property (QIP)?
Here are two very helpful articles on the subject.
What is Qualified Leasehold Improvement Property?
If you own a building and have not had your building or your improvement studied yet for tax savings, please reach out and we’ll be happy to provide you with a quote for an engineering-based cost segregation study.
The City of Greenville has a facade improvement program whereby they will reimburse some of the expense building owners incur when they are improving the facades of their buildings.
Key items from the the City of Greenville’s Facade Improvement Program presentation.
- REIMBURSEMENT GRANT PROGRAM FUNDED BY THE CITY OF
GREENVILLE - PROVIDES FINANCIAL AND TECHNICAL DESIGN ASSISTANCE TO
COMMERCIAL PROPERTY OWNERS AND BUSINESS OWNERS IN
TARGETED COMMERCIAL CORRIDORS FOR QUALIFIED FACADE
IMPROVEMENTS - SUPPORTS THE REVITALIZATION OF THE CITY’S COMMERCIAL
CORRIDORS BY STIMULATING PRIVATE INVESTMENT IN HIGHQUALITY IMPROVEMENTS - HELPS OWNERS ENHANCE THE APPEARANCE OF BUILDINGS AND
PROPERTIES AND ELIMINATE BLIGHT AND NON-CONFORMING
DESIGN STANDARDS - THE PROGRAM IS NOT RETROACTIVE. APPLICATIONS MUST BE
APPROVED IN WRITING BY THE COMMERCIAL CORRIDOR FAÇADE
REVIEW COMMITTEE PRIOR TO COMMENCEMENT OF WORK - $10,000 PER PROPERTY, FOR ELIGIBLE IMPROVEMENTS
- CITY WILL REIMBURSE UP TO 50% OF EXPENSES EQUAL TO OR LESS THAN $10,000. FOR ADDITIONAL EXPENSES ABOVE $10,000 THE CITY WILL REIMBURSE 20% OF ELIGIBLE EXPENSES NOT TO EXCEED THE MAXIMUM AWARD AMOUNT OF $10,000
- EXAMPLE: IF THE APPLICANT’S ELIGIBLE EXPENSES EQUAL $25,000, HE/SHE WOULD BE ELIGIBLE FOR AN $8,000 REIMBURSEMENT GRANT
- [($10,000 X50%) + ($15,000 X 20%)] = $8,000
For questions, be sure to reach out to the City of Greenville. All projects must be approved first before you will receive any kind of reimbursement.
Greenville County Schools has come out with their budget requests for the upcoming school year. They are looking to increase the budget from $721 million in 2021-2022 up to $788 million in 2022-2023. That’s an increase of $67 million with apparently $53 million coming from the State. The delta will need to be made up by tax inceases on property owners in the county. Contained in this budget is the goal to give teachers a pay raise of $2,000.
Here’s the Greenville County Schools budget in detail for the current year.
The new 25,000 square foot state-of-the-art multi-tenant data center is now officially open in Greenville. DC BLOX has announced that it’s new facility is open for business.
“We are excited to announce that our new Greenville data center is ready and open for business. As promised, this first Tier III-designed data center in this market was built specifically to accelerate the deployment of critical infrastructure and interconnected cloud services throughout South Carolina. We have seen robust pre-leasing activity as the Upstate is thriving, and we are thrilled to be able to contribute to the region’s future growth,” comments Jeff Uphues, CEO of DC BLOX.”
“DC BLOX’s purpose-built data center facility is located in Greenville’s Global Business Park off of Interstate 85 and will have a capacity of 54,000 square feet of white space and 18MW of power at full build-out. The multi-tenant data center was designed to meet the need for local, reliable, world-class colocation to enable the region’s future growth. Previously, companies in the region looking for this class of facility were forced to house their IT infrastructure in Charlotte or Atlanta.”
The way I read this is that this opens the door to South Carolina and specifically the Upstate area to start to see more IT-related companies start to develop footprints in the area. It’s just another sign of the continued growth of South Carolina.
One of the things I’ve noticed here in the Upstate is just how many different organizations there are when it comes to economic development and growth. Of course with economic growth comes more businesses locating here with the additional housing to accommodate the growth in employees. It’s a terrific place for business – particularly those in manufacturing, distribution and logistics. It seems a bit light when it comes to IT tech and med tech but there are movements afoot to try to bring more of those companies and or divisions to the Upstate. The Upstate Business Journal has an excellent summary of Upstate Economic Development organizations.