Florence County Council passed first reading an ordinance to provide an incentive package to an existing company, the name of which has not been released, with a potential $150 million dollar investment in the county.

Council says it'll release the company's name once the incentive package has been finalized.

They're calling the venture "Project Wood" for now.

Council went into executive session for about an hour Thursday before they returned to pass first reading.

Council Chairman Rusty Smith says the expansion won't create a lot of jobs initially, but will allow the company to sustain its existing workforce. Smith says it's possible the company will add more jobs down the road.

Council will hold a public hearing on the ordinance before they hold a second vote.

If it passes a third vote, the ordinance becomes final.