CHARLESTON, S.C. (WCBD) -- After several months of discussion, Charleston city leaders have voted to approve a finance plan for redeveloping a blighted area on the peninsula. In addition to passing the Union Pier Tax Increment Financing (TIF) District, city leaders passed two intergovernmental agreements with Charleston County and the Charleston County School District. A TIF is a financing tool created by a local government to encourage development or redevelopment in an area where it otherwise may not occur. The tool allows the agencies to collect property taxes on the area over the next 30 years and use that money for development projects. Some plans for the Union Pier space include a world-class park, enhanced access to the waterfront area, more affordable housing, and added stormwater and flooding protections. Mayor William Cogswell has been working to get the TIF district approved so development can begin to transform the over 60-acre area and generate revenue. "Without public money from public infrastructure, this thing will remain a port terminal on a chain link fence, so this is an awesome opportunity for the city of Charleston," said Mayor William Cogswell. The intergovernmental agreements will also allow the county to acquire additional parking spaces, while the school district will take over the third floor of 75 Calhoun Street, currently leased by the city. This will allow the school district to save about $14 million annually. "I think this is a really unique site to establish a TIF on because it doesn't generate any revenue. It's a state-owned property, and now it gives us the opportunity that gives us the ability to fund improvements in our school, improvements in county services, this can fund roads, fund emergency services; this can make our city a bigger place," said Logan McVey, chief policy officer. All three agencies in the agreement will see revenue generated through the accommodations tax, hospitality tax, and sales tax through redevelopment, city leaders said. Some residents have been critical of the project due to the longevity of the TIF and the project. "The charm of Charleston is its building and the ambiance in it, and all of a sudden, we got these developers in here, and they're making all these high tower apartments and hotels, and they're doing away with why people come to Charleston," said Myra Polson, a Charleston resident. The TIF passed, with all council members voting yes except one who voted no and one who abstained. The city will now seek input from citizens, advocacy groups, the property owner, and staff to make Union Pier a site everyone in the city can enjoy.