Becton, Dickinson and Co. will be investing millions of dollars into its Sumter facility and creating more full-time jobs now that Sumter County Council approved final reading of an ordinance to authorize a fee in lieu of tax and incentive agreement …
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Becton, Dickinson and Co. will be investing millions of dollars into its Sumter facility and creating more full-time jobs now that Sumter County Council approved final reading of an ordinance to authorize a fee in lieu of tax and incentive agreement for the company's proposed investments.
Formerly referred to as Project Bulldog during the council's previous meetings, BD intends to invest at least $150 million into Sumter County and create 125 new full-time jobs.
The high-volume automated assembly and packaging facility, at 1575 Airport Road in Sumter, creates medical device products and has been in operation since 1970.
BD, which currently employs about 700 people at its Sumter facility - more than 65,000 associates worldwide - supports health care providers in more than 190 countries, according to the South Carolina Department of Commerce.
In return for agreeing to make such a large investment in Sumter County, county council agreed to give the company a tax credit and a reduced assessment ratio.
According to the agreement between the county and BD, the company could receive a 6 percent property assessment ratio for 20 years if it invests at least $2.5 million within five years; a 25 percent special source revenue credit for 10 years if it creates at least 75 new full-time jobs within eight years; or receive a 4 percent assessment ratio and a 25 percent special source revenue credit for 10 years if the company meets its goal of investing $150 million and creating 125 new full-time jobs within an eight-year period.
Industrial property is usually assessed at 10.5 percent in Sumter County.
Based on South Carolina Code of Laws, BD qualifies for the 4 percent assessment ratio - usually for residential property - for agreeing to make an "enhanced investment," which consists of investing at least $150 million and creating at least 125 new full-time jobs, or investing at least $400 million.
Now that the agreement is approved, BD will be taxed at the county's current millage rate, 362.2 mills, for the next five years. The set millage rate for BD will remain at 362.2 mills even if the county's millage rate changes during those five years.
The county will adjust BD's millage rate at the end of each five-year period if the millage rate changed during that time.
"For nearly 50 years, BD's Sumter facility has consistently delivered superior quality products, vital for our customers and their patients, through a talented and engaged workforce," BD Executive Vice President of Global Operations and Chief Supply Chain Officer Jim Borzi said in a state department of commerce news release.
"We would like to thank TheLINK economic development alliance, Sumter Economic Development, the City of Sumter, Sumter County and the S.C. Department of Commerce for their continued support of BD and our employees as we continue to invest in the facility," he said. "We look forward to the ongoing success of our BD Sumter manufacturing team as they continue to advance the world of health."
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