Voter referendum on Holden Beach issuing bonds for pier funding to be on November ballot

HOLDEN BEACH, NC (WWAY) — The Holden Beach Board of Commissioners unanimously approved a motion to hold a voter referendum this fall on bonds meant to build a new pier.

The Town of Holden Beach plans to issue $7.3 million in general obligation public improvement bonds to tear down the existing pier and build a new one. The town purchased the pier for $3.3 million in 2022, but disagreements over the cost of a new one led to delays in moving forward.

With town leaders finally moving forward with issuing general obligation bonds, two public meetings were held on the proposal: one on August 16 and another during the regular meeting on August 19, where the Board then voted to approve the referendum.

“If we do not go ahead with that referendum, we’re not going to be able to borrow money; the LGC won’t approve it,” Commissioner Tom Myers argued during the second meeting. “We will basically be voting tonight not to have the pier.”

Myers says the town’s experience with the State Treasurer’s Local Government Commission in the past when trying to get a loan to buy the pier “was tough.” He says “pledg[ing] the ability to tax taxpayers as collateral because we already committed the collateral when we bought the property the first time” and having voters officially approve the bond in an election would make the Local Government Commission more likely to approve of the town’s moves.

Commissioner Page Dyer says the referendum gives the town *seven years to make a decision on whether to use the bonds.” She says the $7.3 million is a worst case scenario, and town leaders could eventually decided to fund the pier in other ways, such as through donations or a public-private partnership.

Commissioner Rick Parfus says it’s unlikely the town will get the pier 100% financed, but “it will be really hard to get something done with this pier” without the referendum.

Election Day for this year’s municipal elections is November 4.