North Charleston human resources technology firm PeopleMatter will invest $18.8 million in a new facility in downtown Charleston and will create 265 jobs during the next five years, according to a news conference this afternoon by the city of Charleston and the S.C. Department of Commerce.

The expansion, which had been dubbed "Project Bahamas," will relocate the company, which currently employs 60 people, from Truxtun Avenue in North Charleston to 466 King St. PeopleMatter also has offices in Atlanta and San Francisco.

Charleston County Council has the approval of financial incentives for the "Project Bahamas" expansion on its agenda for Tuesday's meeting. The incentive is a fee-in-lieu-of-taxes agreement between the county and the project. The terms will include a 6% assessment with millage fixed at 260.1 during the 20-year term.

WATCH THE OFFICIAL CEREMONY VIDEO HERE