• Rick Cauthen, PE, represented the Lessor, Properties of Augusta, Inc., in the lease of 2,280 square feet of retail space at 1445 Augusta Road in Greenville to L’s Fine Consignment Collections.

• Sammy DuBose represented the Owner, Wachovia Bank, NA, in the sale of 44,384 square feet of industrial space on 11.56 acres at 815 Hamby Road in Honea Path to CUJO, LLC.

About Coldwell Banker Caine

As a premier provider of full-service real estate in the Upstate, Coldwell Banker Caine is a nationally competitive firm that has the highest per person productivity in the Upstate. The company offers quality residential and commercial real estate services across Greenville, Spartanburg, Oconee and Pickens counties. Family owned and operated, Coldwell Banker Caine has been providing service beyond the contract to the Upstate community since 1933.  For more information, visit www.cbccaine.com, or follow them on Twitter @CBCaine.

“It is an honor to present Coldwell Banker Commercial Caine with the Commercial Elite distinction,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Coldwell Banker Commercial Caine has demonstrated the high standard of excellence that is an integral part of the Coldwell Banker Brand.”

Coldwell Banker Commercial Caine is managed by president and broker-in-charge Brad Halter. With offices in Greenville and Spartanburg, Coldwell Banker Commercial Caine has been a part of the Greenville community since 1933 and affiliated with the Coldwell Banker network since 1997.

About Coldwell Banker Caine

As a premier provider of full-service real estate in the Upstate, Coldwell Banker Caine is a nationally competitive firm that has the highest per person productivity in the Upstate. The company offers quality residential and commercial real estate services across Greenville, Spartanburg, Oconee and Pickens counties. Family owned and operated, Coldwell Banker Caine has been providing service beyond the contract to the Upstate community since 1933. For more information, visit www.cbccaine.com, or follow them on Twitter @CBCaine.

About Coldwell Banker Commercial Affiliates

Coldwell Banker Commercial Affiliates is one of the leading franchisors of commercial real estate services through the Coldwell Banker Commercial^® brand. Coldwell Banker Commercial is a registered trademark licensed to Coldwell Banker Real Estate LLC. Through its independently owned and operated offices, the Coldwell Banker Commercial network is a premier provider of real estate services and is a leader in the commercial real estate industry. The Coldwell Banker Commercial network of brokers serves the needs of owners and occupiers in the leasing, acquisition, disposition, structured finance and management of all property types. The Coldwell Banker Commercial network of commercial brokers can be found in 41 countries in North America, South America, Europe, Africa, Asia and Australia. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, the world’s largest real estate franchisor. For additional information on the Coldwell Banker Commercial organization, visit the brand’s Web site at www.cbcworldwide.com, or contact us at (800) 222-2162.

Greenville, S.C. – May 24, 2010 – Coldwell Banker Commercial Caine in Greenville recently ranked as the top Coldwell Banker Commercial affiliate in South Carolina for 2009. The top commercial office distinction is determined by the Closed Adjusted Gross Commission Income of nine Coldwell Banker Commercial companies across the state.

“Ranking as the top commercial office in South Carolina proves our loyalty and unbeatable customer attention shines even in tough economic times,” said Brad Halter, president of Coldwell Banker Commercial Caine. “I am proud of our commercial brokers. Their unwavering dedication to their clients has truly been rewarded.”

“I am pleased to award Coldwell Banker Commercial Caine with the top commercial office in South Carolina award,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Coldwell Banker Commercial Caine has gone above and beyond to guarantee that their customers have the tools and expertise to invest in commercial real estate.”

Coldwell Banker Commercial Caine is managed by president and broker-in-charge Brad Halter. With offices in Greenville and Spartanburg, Coldwell Banker Commercial Caine has been a part of the Greenville community since 1933 and affiliated with the Coldwell Banker network since 1997.

About Coldwell Banker Caine

As a premier provider of full-service real estate in the Upstate, Coldwell Banker Caine is a nationally competitive firm that has the highest per person productivity in the Upstate. The company offers quality residential and commercial real estate services across Greenville, Spartanburg, Oconee and Pickens counties. Family owned and operated, Coldwell Banker Caine has been providing service beyond the contract to the Upstate community since 1933. For more information, visit www.cbccaine.com, or follow them on Twitter @CBCaine.

About Coldwell Banker Commercial Affiliates

Coldwell Banker Commercial Affiliates is one of the leading franchisors of commercial real estate services through the Coldwell Banker Commercial^® brand. Coldwell Banker Commercial is a registered trademark licensed to Coldwell Banker Real Estate LLC. Through its independently owned and operated offices, the Coldwell Banker Commercial network is a premier provider of real estate services and is a leader in the commercial real estate industry. The Coldwell Banker Commercial network of brokers serves the needs of owners and occupiers in the leasing, acquisition, disposition, structured finance and management of all property types. The Coldwell Banker Commercial network of commercial brokers can be found in 41 countries in North America, South America, Europe, Africa, Asia and Australia. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, the world’s largest real estate franchisor. For additional information on the Coldwell Banker Commercial organization, visit the brand’s Web site at www.cbcworldwide.com, or contact us at (800) 222-2162.

The South Carolina legislature voted down a bill aimed at fixing property tax laws that were enacted in 2006. The point-of-sale bill, as it is known, would re-shifted the tax burden for South Carolina schools and local government to residents and local entities after the 2006 tax reform shifted it to the commercial sector. Both actions were pushed by republicans.

However, republicans were slightly short of the 31 votes needed to pass the legislation. South Carolina Legislators seem to agree that there is a problem with property tax laws. The disagreement occurs in how to fix it.

Currently, and as a result of the 2006 reforms, commercial and rental properties as well as second homes are taxed at a higher  6% rate versus a 4% rate for owner occupied homes in South Carolina. Furthermore, and perhaps more importantly, the taxes on these properties are assessed on the selling price instead of the current appraised value. After the real estate market bombed, appraised value is generally less than the amount for which the property had been purchased. The point-of-sale legislation seems geared toward making commercial and luxury property more appealing to buyers, allowing investors to get a higher selling price in a depressed South Carolina economy.

The point-of-sale legislation would have temporarily stopped the basis of tax assessment on the selling price. It also would have eliminated the higher tax rate. Buying would then be more appealing for investors which would have, theoretically, spurned the South Carolina commercial real estate market. On paper, however, it would have immediately and drastically reduced the taxes collected in commercial and luxury transactions as well. Skeptics of the point-of-sale bill say that increased sales generated by the point-of-sale bill would not make up for the huge tax deficit it creates quickly enough to avoid a crisis. The money collected by the higher tax rates on commercial transactions largely fuels schools and local governments, reducing the burden on residents.

The tax shift creates a stumbling block for progress. The original tax reform shifted the burden from common taxpayers to the commercial sector. The point-of-sale bill re-shifts that burden to local entities. Since the lobbyists and realtors are largely responsible for the bill, it’s a hard pill for tax payers to swallow.

Legislators are not giving up, though. Amendments to the bill have been introduced in the spirit of compromise but have been rejected. However, some are being reintroduced as stand-alone legislation. Furthermore, it has been reported that lobbyists will be working to woo the few Democrats needed to push the point-of-sale bill through.

“Anna and Marnie bring an exciting level of design expertise to Trenholm Plaza,” commented Edens & Avant Managing Director Lyle Darnall. “Mixing strong national retailers with great local talent like we have with MACK Home gives shoppers in this area the best of both worlds and sets this shopping destination apart in the market.”

Kemper and Clayton bring to the new venture a wealth of experience in interior design and extensive knowledge in retail products for the home from classic to contemporary. Previously, Clayton, was a principal of M.C. Interiors and Forty-One, a successful design firm and home interior retail store. Kemper most recently was principal of Biba Interiors, a popular design and retail business offering home decor, art, jewelry and fashion accessories. MACK Home will offer gifts in a range of prices, and, exclusive to this market, also will feature Mitchell Gold Furniture as one of its lines. Shoppers will find the entrance to MACK Home adjacent to JoS. A. Bank Clothiers, Inc.

Redevelopment of the building along Forest Drive at Trenholm Plaza continues and is slated to be completed late this year. Following completion, Bumble Boutique/B.E.E. Maternal will move to the new space joining Hooligan’s and Chipotle Mexican Grill, which is scheduled to open in January.

Columbia City Council on Sept. 30 gave preliminary approval to the university-sponsored Innovista Redevelopment Plan, a crucial step toward establishing a Tax Increment Financing (TIF) District that would allow the city to issue bonds up to $150 million for such needs as updating road, sewer and stormwater infrastructure as well as implementing the many individual components of USC’s original Innovista Master Plan, prepared by Sasaki Associates in 2006.

The idea behind the TIF is that such improvements would stimulate private investment in the district, which, according to the plan, encompasses 728 acres in the city and “is generally bounded on the north by the Vista, on the northeast by the State Capital [sic] complex, on the east by the University of South Carolina and on the south by the Granby and Olympia Mills neighborhoods.”

To be eligible to receive TIF accreditation, the city has to show the district meets certain criteria, such as being a “blighted area.” According to the university and the city, the district meets the definition.

“Although there are examples of quality development within the Innovista District … the quality of private development and, in particular, infrastructure to support development progressively degrades in the western and southern portions of the Innovista District,” the report states.

Additionally, the report cites other areas under which the district qualifies for TIF funding, including presence of structures below minimum code standards; excessive vacancies; lack of transportation infrastructure; presence of or potential environmental hazards; lack of water or wastewater services; lack of sanitary or storm drainage facilities; deleterious land use or layout; depreciation of physical maintenance; and static or declining land values that are detrimental to public safety.

“The entire area, and not just the university, will benefit [from the Innovista TIF],” says USC spokesperson Margaret Lamb. “Innovista will enhance and strengthen the Midlands, the region and the state economically by bringing jobs to the region.

“The university is working feverishly to develop our research efforts and the facilities to support the research,” Lamb continues. “That is infrastructure that attracts private investment and produces jobs for the Midlands of South Carolina. The City and County, too, are working to build the physical infrastructure that will replace urban blight with an enterprise zone prepared to attract 21st century enterprise creating more high-paying jobs in Columbia. We support the TIF effort because it is a proven financing tool for an area in need, and it is ultimately paid by the taxes generated by the development enabled by the investment.”

The next hurdle toward establishing an Innovista TIF district is getting Richland County and Richland School District 1 on board. Those two entities are among the five — the others being Riverbanks Zoo, the Richland/Lexington Airport District and the City of Columbia — with taxing jurisdiction in the district.

Richland County and District 1 have 45 days from Sept. 30 to approve the plan.
“Once [Richland County and District 1] approve it, the city then drives it and has the capacity to begin issuing bonds,” says Columbia City Councilman Kirkman Finlay, a candidate for mayor. “From a theoretical standpoint, we could issue bonds as soon as the paperwork is done.

“However, while I’d love to see everything developed beautifully and quickly, we do have issues to address, such as do we have the capacity to lose that tax increment? Are we going to be able to maintain the public structures we build? And can our water and sewer stand the indebtedness?”

The $153.9 million sought by USC and the city breaks down into seven weighted priorities. Priority I is extending Greene Street all the way to the riverfront and establishing both a Greene Street promenade a new public Foundation Square at the juncture of Greene and Lincoln streets at a projected cost of $26 million. Priority II involves relocation of SCE&G power lines, gas line relocation and the extension of/improvements to Greene and Senate Streets for a projected cost of $13 million.

Other priorities include improving streets in the “waterfront district,” which includes Pendleton, Devine, College, Wheat, Gist, Pulaski and Catawba Streets; improving the Granby and Olympia Mills neighborhoods; building  a riverfront park near the new Carolina Baseball Stadium; and establishing a Congaree Regional Waterfront Park.

In short, it’s a massive amount of public money for a project that to date already has spent $100 million with no private buildings standing and only two existing private-sector tenants — VC3 and T.M. Floyd — tentatively slated to move in.

For skeptics, an Innovista TIF that directs property tax dollars away from other local recipients is a case of throwing good money after bad, especially when USC’s private development efforts over the last three years have been embarrassingly negligible.

“I think the skeptics, the people who are against Innovista, are the kind of people who are against everything else in Columbia,” says Columbia mayor Bob Coble. “They were against the [Columbia Metropolitan] Convention Center, and if they are old enough, they probably were against the original Carolina Coliseum.

“I think even the harshest critic would agree that USC has the areas of research that could lead to private-sector investment and commercialization,” Coble adds. “In my 20 years, we’ve made mistakes and would do things differently if we could, but nothing would happen if all you did was listen to critics.”

The Myrtle Beach Pavillion was built in 1908 and torn down in 2006. Since then, the Myrtle Beach downtown has suffered from a lack of business. The Pavillion was the heart of Myrtle Beach . Every summer tourists and locals would flock to the Pavillion to ride the amusements, eat funnel cakes and play the games of chance. The Pavillion had a unique merry-go-round with horses and other animals. There was a lion, an ostrich, a tiger, a dragon, two dogs, a frog and a few other unusual creatures to sit on. My family and I vacationed in Myrtle Beach for many summers and have fond memories of the Pavillion. My daughter always said ”I want to ride on the dog, while my son preferred the tiger.” There was also a wonderful old pipe organ that everyone watched, which has been relocated to Broadway at the Beach. I also recall organ grinders walking around the park with little monkeys begging for pennies. The teenagers would visit the Magic Attic, a teenage night club, where they could dance and have fun. Most of all I remember the happy crowds of people in the downtown area. Can a boardwalk restore those crowds and happy feelings?

I recently decided to visit the downtown and have a look around. What a difference, a few years makes. Yes, there were still people walking about, but the excitement of the Pavillion was lost. There is a big empty dirt space where the Pavillion use to stand. Sure, there are still attractions available; Ripley’s Believe it or Not, Guiness Book of World Records Museum,and souvenir and tee shirt shops galore. However, business owners say sales have not been as good without the Pavillion attraction.

How Renters’ Insurance In South Carolina Works

Renters’ insurance policies are designed to cover the South Carolina renter in the event of covered loss to your personal property. Renters’ insurance also protects you in the event you are responsible for injury or property damage to others in your rented apartment, home or condo. If a catastrophic event, such as fire, water damage, and tornadoes (coverage from floods, hurricanes, or earthquakes must be purchased separately) destroy your rental structure, the landlord is not responsible for replacing your personal belongings. An estimated 75% of renters in the U.S. do not have renters’ insurance coverage.

Renter’s insurance will also protect your personal financial assets in the event that a third party has an accident in your apartment. Renters’ insurance in general provides “named peril” coverage, meaning the policy states specifically what you are insured against. Renters’ insurance can also cover you in the event of vandalism, theft, accidental discharge of water, and more. Most importantly, renters’ insurance can cover the cost of another place to live if your apartment becomes uninhabitable from a named coverage event. A South Carolina renters’ insurance agent can help with the right coverage for you.

Average Cost Of South Carolina Renters’ Insurance

An average renters’ insurance policy cost per year can be around $300 depending on the South Carolina insurance company you purchase it from. There are some insurance policies that will cost the individual as little as 45 cents each day. This will vary from person to person and how much or how little the renters’ insurance policyholder needs to insure. However, it is important to see how little it could cost an individual, as compared to how much money the individual would save in the event of an emergency or problem.

South Carolina Renters’ Insurance Cost Factors

The cost of your South Carolina renters’ insurance depends on several factors. The greater the value of your personal belongings, the greater the price of the renters’ insurance monthly premiums. Another determining factor in the renters’ insurance premium cost is the deductible. This is the amount of money that the individual will need to pay out of pocket before the costs will be covered by the insurance company. For example, some individuals have a deductible of $500, while others have a deductible of $1,000. Where your apartment is located is also factored into the cost.

If you rent in South Carolina, the landlord is only responsible for the condition of the apartment, house, or condo in that it meets local and state codes. All other coverage for personal items and liability is up to you. Contact a South Carolina insurance agent to purchase a good renters’ insurance policy.