Changes to The Market Common master plan could free up money for the City of Myrtle Beach, Horry County and Horry County schools.
The money comes from property taxes paid by Market Common properties, which was initially used to pay for all public infrastructure including roads, sidewalks, parks and parking garages. Now, with the area almost at full capacity, city officials want to change what the money goes toward.
“We’re to the point where we need to do some maintenance and that’s what this amendment will allow us to do,” said city spokesman Mark Kruea. “But it also allows us to free up some of that money, declare it surplus, so that the different taxing jurisdictions, including the city, will get a piece of that money.”
Starting in 2019, the city will receive more than $1.4 million, the county will get almost $985,000 and the school district will get about $2.5 million.
By 2040, the city will have over $35 million, the county will have almost $24 million and the school board will have about $60 million.
According to Kruea, each jurisdiction can use the money for whatever they need.
But the city is wanting to use some of the money to maintain roads, extend to taxiway from Shine Avenue to the airport hangar site, renovate the police and fire station and add a parking deck onto one of the parking garages.
According to Mike Shelton, chief financial officer for the city, a new business could be headed to the area that works on C-130s. The business could add between 50 and 100 jobs at the Myrtle Beach International Airport, making about $30,000 a year.
“It’s not certain yet. I understand it’s something that is being negotiated, so I can’t really say very much about it other than it was a project that the airport requested we add to the redevelopment plan in the eventually that that should come to be,” Shelton said.
Myrtle Beach City Council will review the second reading of the ordinance during the July 24 meeting.