MYRTLE BEACH, S.C. — Myrtle Beach City Council on Tuesday, Oct. 27, voted unanimously to add the planned Wavegarden surf park, about 26 acres near Broadway at the Beach, to a multi-county business park in Horry County.
The change gives the city a new way to pay for the $20 million incentive it promised the developer in September, when council backed the package 5-2. Placing the site in the business park lets the city issue a special source revenue bond tied to the project and its property rather than to property taxes, so it does not count against the city’s general obligation debt.
Under the amendment, 70% of the fee-in-lieu-of-tax payments from the project would go to repaying that bond. The other 30% would be split among Myrtle Beach at 9.66%, Horry County at 9.67%, the Horry County School District at 9.67%, and Georgetown and Marion counties at 0.5% each.
Horry County Council has already given the amendment initial approval on first reading. Assistant City Manager Josh Kay told council the county’s second reading is set for November and a third for December.
The developer must invest at least $150 million, include a hotel of 150 rooms or more, and be 80% finished with construction before any public money flows. The park is planned for the corner of 21st Avenue North and the Highway 17 Bypass.
Section: More Myrtle Beach SC politics news
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