S.C. DEPARTMENT OF COMMERCE
A Review of the Economic Development Bond for Wetlands Mitigation at the Boeing Manufacturing Site
REPORT (PDF) SUMMARY (PDF)
Members of the General Assembly asked the Legislative Audit Council to conduct an audit of the economic development bonds approved for $5 million for the purpose of wetlands mitigation concerning the project to bring Vought Aircraft Industries, an aircraft manufacturer, to South Carolina ― now the site of the Boeing operation in North Charleston.
The S.C. Department of Commerce (DOC) is the economic development and business recruiting arm of the state and initiated the issuance of the bond in 2004 to incentivize Vought to locate in South Carolina.
The $5 million bond for wetlands mitigation was part of a larger general obligation economic development bond, approved for up to $160 million as part of an incentive package. The bond proceeds provided the enticement for Vought to locate to the selected site. In addition to the wetlands mitigation, the bond funded a manufacturing facility, road improvements, airport improvements, site preparation, and a multipurpose center.