Charleston County received $9.4 million from an Airbnb settlement. Here's how they plan to use it
CHARLESTON COUNTY, S.C. (WCBD) — Charleston County leaders are developing a plan for how to spend millions of dollars received as part of a settlement with vacation rental giant Airbnb.
The company agreed in February to pay $60 million to settle a lawsuit brought by more than a dozen South Carolina communities over unpaid accommodations taxes and business license fees.
Charleston County recouped $9.4 million as part of that settlement, and members of the county's finance committee offered a first glimpse at how that money will be allocated at its June 5 meeting.
The recommendations included roughly $1.4 million for housing initiatives, $1.6 million for financial system upgrades, $2.25 million for drainage projects, and $1.1 million for the visitors bureau.
Officials also decided to put $2.5 million into a reserves fund that could be used for disaster relief in anticipation of possible cuts to FEMA.
In addition, $500,000 will be allocated toward the City of Charleston's Rapid Housing program as a one-time startup cost, but a county spokesperson said the money would go back to the reserves if the city doesn't receive matching funds from other municipalities.
The proposal is expected to go before the full council for a vote on Tuesday.
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