Albemarle plans further investment, council says

Albermarle Corp. plans to build on its investment in Orangeburg, County Council members said Monday.

Council gave first reading and passed a resolution relating to an extension of the fee-in-lieu-of taxes agreement with Albemarle.

Under the standard fee-in-lieu-of-taxes inducement agreement, in exchange for its investment, the company will pay a 6 percent assessment ratio rather than the usual 10.5 percent industrial assessment.

County Administrator Bill Clark explained that the extension is for three years, through 2012, “in anticipation of future investments expected.”

According to the administrator, investments are anticipated of $6 million in 2009 and $3 million each in 2010, 2011 and 2012.

No new jobs are being created, County Council Chairman Johnnie Wright said after the session.

Noting that Albemarle has been a “good corporate partner,” Councilman Willie B. Owens asked how long the chemical plant has been in Orangeburg.

Councilman Clyde Livingston said, “It’s safe to say Albemarle and their predecessor — it bought out a local company — exceeds 50 years.”