Myrtle Beach approves $20 million investment into downtown development
MYRTLE BEACH, S.C. (WBTW) — Myrtle Beach City Council approved plans to allocate about $20 million toward downtown redevelopment.
The money for the projects will come from tax increment finance (TIF) revenue.
“We have a tax increment district that covers the downtown area; the Ocean Boulevard area,” City Spokesman Mark Kruea said. “The tax increment finance district sets a zero year and any growth in the property tax after that zero year can be used for a list of projects for the downtown area. So, the growth that is occurring with help pay for the bonds and then those bonds will help create more opportunities for additional property tax growth, so it creates a nice little circle. It’s not a new tax, it’s setting aside much like a savings account the property tax growth after an initial year.”
The city also used TIF revenue to finance the renovation of the old Myrtle Beach Air Force Base into the Market Common.
Leaders in the Downtown Development Office (DDO) plan to use the money for projects like a city square, a children’s museum, and a performing arts theatre.