Myrtle Beach City Council voted to purchase land for $15 million

Myrtle Beach City Council agreed Tuesday to purchase land, which totals $15 million, as part of the city’s downtown redevelopment plan.

The 10 new parcels near the Arts and Innovation district include two commercial properties, seven hotels, and a vacant lot, My Horry News reported.

The city will pay for the land through tax increment financing, which allows the city to fund projects with property tax growth from a designated area.

“They essentially act like a savings account to be used for new projects that further new investment,” Mark Kruea, a spokesman for the city, said about TIF districts.

Brian Tucker, the city’s assistant city manager, said during the council meeting on Tuesday the city learned about the sale of the properties in August, the newspaper reported.

“Once we realized they were for sale, we had a pretty quick timeline to decide if it was something we wanted to pursue,” he said.

Councilman Gregg Smith, who voted in favor of the acquisition, said Tuesday they can’t wait for private investors to redevelop the city.

“If we sit back and wait, nothing’s going to happen,” he said.

The properties include:

• Bodo’s German Rest. at 407 8th Ave. N.
• Barnacle Bills at 405 8th Ave. N.
• An empty lot on 8th Avenue North and Chester
• Oasis Motel at 308 7th Ave. N. (3 parcels)
• The Fountainbleau Inn at 701 Flagg St. (2 parcels)
• The Sea Palms at 313 7th Ave. N.
• The Sea Nymph at 601 N. Ocean Blvd.

This story was originally published December 23, 2021 at 9:04 AM.