Thousands of Myrtle Beach businesses may tax themselves to boost economic growth. Here’s how

More than $13 million worth of improvements could pour into the heart of Myrtle Beach’s merchant sector over the next decade — a cost that only select property owners would have to pay as part of a unique financing plan aimed at boosting economic development.

The City Council on Tuesday gave its first vote in support of a municipal improvement district, outlining its purpose, lifespan and other details.

The 689-acre district would run from 11th Ave. S to 21st Ave. N and also include Withers Swash Drive, N. Kings Highway and much of Boardwalk, incorporating more than 3,600 properties.

Businesses within the district would be taxed at 1% of their assessed value. The added levy would not apply to residential properties, government buildings and tax-exempt parcels.

Over its 10-year lifespan, the district is anticipated to generate nearly $13.9 million, according to city estimates, with that money being funneled into street improvements, planning and research and marketing.

If approved, the district would add to the city’s slate of development efforts already in place. On Monday, for example, city leaders tore down the Sea Nymph Motel at 601 N. Ocean Blvd. It was one of 10 parcels Myrtle Beach purchased last year as part of a $15 million land buy.

Attorney Shep Guyton, who specializes in real estate law, praised the City Council for its ongoing commitment at reimagining downtown.

“You all have made some aggressive moves to prove that you’re going to increase the environment for development here,” he said. “So that in itself makes you more appealing.”

And as interest rates continue to fluctuate, Guyton said paving the way for unique financing options will make the city an attractive spot for investment.

“The more we can encourage development in the areas we want it in and streamline the process so a developer’s not carrying that interest load with no revenue, just makes yourself more attractive.”

This story was originally published April 12, 2022 at 12:00 AM.