Image by Flickr user r-z

Update August 10:

A lack of business community support and revised revenue figures led the Charleston County School Board to reduce their initial plan of an eight-year, one-penny sales tax increase to just six-years.

The six-year tax would generate an estimated $75 million per year for a total of $450 million. The money will be put toward the construction of 14 new schools, renovating old ones, conducting seismic evaluations of six buildings and improving athletic facilities at existing schools.

The Post and Courier has the update six-year option. Read it here.

First reporting:

The Charleston County School Board has devised an eight-year, one-penny sales tax plan that will generate enough revenue to cover the construction costs on 16 new school buildings.

The Board will ask voters this November to support the plan, which in total, is projected to bring in at least $500 million.

The alternative to the one-penny sales tax increase would be a property tax increase that would only cover the cost to rebuild five schools with seismic problems: Buist Academy, Charleston Progressive Academy, James Simons Elementary, Memminger Elementary and Sullivan's Island Elementary.

Click on over to The Post and Courier for the story, they've also got a list of projects that would likely be completed if the one-penny tax gains approval.