Clinton’s 2nd “Spec” Building Nearer

A second “Spec” building to attract economic development in Clinton is getting closer to reality. At their July meeting Tuesday evening, Clinton City Council unanimously approved City Manager Bill Ed Cannon’s request to transfer funds to make payments on a new 60,000 square foot building that will be constructed on SC Highway 72 just east of Interstate 26. It will be built on a concrete pad that has already been installed.

The City Council vote this week was to transfer $312,199.03 from the city’s Economic Development Fund to the Clinton Economic Development Corporation (CEDC). The money will be placed in CEDC’s restricted “spec” building account and used to make payments on a multi-million-dollar loan for “spec” building construction, financed by Santee Cooper.

Mr. Cannon reminded City Council that in a specially-called meeting March 12th of this year, they had approved a transfer of up to $400,000 to CEDC for payments on the “spec” building. That money is from an Economic Development contribution to Clinton from the Clinton Newberry Natural Gas Authority.

It should be noted that Clinton’ first spec building was purchased by General Electric before construction was complete. That facility is a part of GE’s renewable energy division.