2024-02-10T09:45:28-05:00 2023-06-30 522212837 GREENE FINNEY CAULEY LLP 908 N MAIN ST ANDERSON SC 29621 990 2022-07-01 570738992 CITY OF SPARTANBURG DEVELOPMENT CORPORATION CITY 8645962909 PO BOX 1749 SPARTANBURG SC 29304 CHRIS STORY SECRETARY/TREASURER 8645962119 2024-02-02 true CHRIS STORY 999009999 false CHRISTOPHER S CAULEY P00534004 8642258713 2024-02-02 2022 2023-04-26 12:10:37Z DENNIS LOCKE PO BOX 1749 SPARTANBURG SC 29304 155739 false X N/A X 1982 SC THE CORPORATION HELPS PROMOTE DEVELOPMENT BY FUNDING VARIOUS COMMUNITY PROJECTS AND BY MAKING LOANS TO SMALL BUSINESSES EITHER FROM ITS OWN RESOURCES OR FROM A BANK LOAN POOL. 6 6 0 0 500000 0 140505 150286 58151 5453 2207 0 700863 155739 100000 100000 0 0 0 0 698936 55797 798936 155797 -98073 -58 12034528 12122470 900000 900000 11134528 11222470 THE CITY OF SPARTANBURG DEVELOPMENT CORPORATION EXISTS TO FURTHER ECONOMIC DEVELOPMENT BY RELIEVING UNEMPLOYMENT, COMBATING COMMUNITY DETERIORATION, INCREASING EMPLOYMENT OPPORTUNITIES, AND EXPANDING BUSINESS FOR THE CITY. false false 130089 100000 150286 IN FY23, THE ORGANIZATION CONTINUED TO FACILITATE AND ADMINISTER VARIOUS LOANS IN SUPPORT OF ECONOMIC DEVELOPMENT IN THE CITY OF SPARTANBURG. ONGOING LOAN ADMINISTRATION INCLUDES THE T.K. GREGG COMMUNITY CENTER IN THE NORTHSIDE COMMUNITY AND A JOINT PROJECT TO SUPPORT A GROCERY STORE IN AN AREA OF THE CITY CONSIDERED A FOOD DESERT BY THE USDA'S FOOD ACCESS RESEARCH ATLAS. THIS ATLAS IDENTIFIES NEIGHBORHOODS THAT HAVE A HIGH PERCENTAGE OF PEOPLE WITHOUT CARS AND ARE LOCATED MORE THAN HALF A MILE FROM THE NEAREST GROCERY STORE. 130089 false false false false false false false false false false false true false false true true false false false false false false false false false false true false false false false false false false false false false false false false false false false false false true 0 0 0 false false false false false false false false X 6 6 false false false false false false false true true false false true true false false false false false false false X DENNIS LOCKE 8645962909 145 W BROAD STREET SPARTANBURG SC 29306 X JEROME RICE MAYOR PRESIDENT 0.02 X X 0 0 0 KIMBERLY FLY VICE PRESIDE 0.02 X X 0 0 0 CHRIS STORY SECRETARY/TR 1.00 X X 0 0 0 ERICA BROWN DIRECTOR 0.02 X 0 0 0 JOSH JONES DIRECTOR 0.02 X 0 0 0 LAURA STILLE DIRECTOR 0.02 X 0 0 0 DENNIS LOCKE FINANCE DIRE 1.00 X 0 0 0 false false false INTEREST EARNED PROGRAM LOANS 900099 150286 150286 150286 5453 5453 155739 150286 5453 100000 100000 10300 10300 30089 30089 15408 15408 155797 130089 25708 0 57209 208396 200319 201324 104000 126000 11673000 11586750 12034528 12122470 900000 900000 900000 900000 X 56209 143145 11078319 11079325 11134528 11222470 12034528 12122470 X -58 22000 66000 X false true X true false TK GREGG LEVERAGE LOAN RECEIVABLE 10878000 PROGRAM LOANS RECEIVABLE 708750 11586750 X 177739 22000 22000 155739 155739 89797 -66000 -66000 155797 155797 SCHEDULE D, PAGE 3, PART X THE CORPORATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(4) AND THEREFORE HAS MADE NO PROVISIONS FOR FEDERAL OR STATE INCOME TAXES IN THE ACCOMPANYING FINANCIAL STATEMENTS. IN ADDITION, THE CORPORATION HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE (IRS) NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509 (A) OF THE INTERNAL REVENUE CODE. THERE WAS NO UNRELATED BUSINESS INCOME FOR THE YEAR ENDED JUNE 30, 2023. THE CORPORATION IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS. NO INTEREST OR PENALTIES ARE RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION OR STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2023. THE TAX YEARS SUBJECT TO EXAMINATION BY MAJOR JURISDICTIONS INCLUDE 2021 THROUGH 2023. SCHEDULE D, PAGE 4, PART XII, LINE 2D BAD DEBT RECOVERY -66,000 true CITY OF SPARTANBURG PO BOX 1749 SPARTANBURG SC 29304 576000245 115 100000 INTEREST PAYMENT 1 SCHEDULE I, PAGE 4, PART IV RELATED TO THE NEW MARKETS TAX CREDIT, THE CORPORATION ENTERED INTO AN AGREEMENT IN OCTOBER 2019 TO MAKE QUARTERLY PAYMENTS OF 25,000 (100,000 ON AN ANNUAL BASIS) TO THE CITY. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS REVIEWED BY MANAGEMENT PRIOR TO FILING. THE BOARD IS ALSO PROVIDED A COPY PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 BAD DEBT RECOVERY 66,000