North Myrtle Beach City Council voted unanimously Monday night to approve the annexation of 1,887 acres into the city limits, which includes 140 acres to build a new sports complex.
City council had previously passed a $15 million bond to pay for the project. The bond will be paid for by a property tax increase of 6 mils, for 8 years. That increase equals about $48 per year on a primary residence valued at $200,000 or $72 dollars a years for one $200,000 on commercial property.
North Myrtle Beach spokesman Pat Dowling says that tax increase will go away after eight years.
The $15 million will cover the total cost of the park, which will include eight multipurpose sports fields, an amphitheater, dog park, and a water park. The bond won't be issued until the city's 2012 fiscal year, but they have to pass a bond reading at a public meeting first.
City Council also had previously authorized the purchase of 133 acres for the same sports field complex. The area is near Edge Parkway and Highway 31.
The council commissioned Carolina Coastal University professor Gary M. Loftus late last year to do a study on the economic impact of a sports complex. The study estimates a potential $14.2 million or more generated annually from more than 20 tournaments. In addition, almost new 200 jobs would be created. The city would also generate $224,000 annually in accommodation tax and hospitality fee revenues.