I AM PROUD that Palmetto Electric Cooperative has taken an active, leadership role in fostering economic development and progress for Beaufort, Hampton and Jasper counties. We work together and even serve as representatives to our regional and local economic development organizations, as well as statewide groups like the SC Power Team and the State Department of Commerce.
Palmetto Electric representatives take an active role in attracting new industries to our area, as well as making sure our existing members receive the information and assistance they need to succeed and expand. We take this role very seriously because we know that new industry means new jobs, and new jobs mean greater prosperity and better quality of life for our friends and neighbors.
Recently, we have been involved in several projects throughout our service area. In Jasper County, a new spec building is being added to the Cypress Ridge Business & Industrial Park. Palmetto Electric provided Utility Tax Credit (UTC) funding to the project. UTCs are state tax credits made available to utilities through the South Carolina Rural Development Act (RDA) that can aid with the costs associated in developing qualified municipal and county owned sites. We also endorsed the project, allowing it to qualify for a low-interest economic development loan.
In Hampton County, Palmetto Electric played a vital role in Nupi Americas, Inc. establishing its warehousing and distribution operations in Hampton County in 2015. Since then and as recently as this past year, Nupi Americas has expanded to double the storage capacity of its Early Branch warehouse. In 2017, Specifed Fittings, LLC. moved its operations into the Nupi Americas warehouse, adding 36 more jobs and approximately $1.8 million in capital investment.
In Beaufort County, UTC funding was provided to the Town of Hilton Head Island to aid in a project geared towards the aeronautics industry to complement the existing airport. Funds were also given to Spartina 449, allowing this successful Lowcountry-based start-up to accommodate their distribution facilities and office space.
On the same note, Palmetto Electric played an active role in the retention and expansion of Hilton Head Island based company L3Harris Technologies (formerly known as Kigre, Inc.) when the business was purchased by leading global aerospace and defense technology innovator, L3Harris Technologies. These funds were used to upgrade their facilities on Hilton Head Island, ultimately allowing L3Harris to retain all current employees and commit to adding 20 potential new jobs.
It is evident that Palmetto Electric positively impacts the communities it serves. In fact, Palmetto Electric was founded on this very idea: improving the quality of life of all our members.