Myrtle Beach City Council moves forward with redevelopment plans for the Market Common
Myrtle Beach, S.C. (WPDE) —
Myrtle Beach City Council members decided to move forward with a proposed redevelopment plan in the Market Common District, Tuesday.
Part of the plan approved using tax increment financing, or TIF, which is property tax revenue. That means county taxpayer money funded some of the projects that have led to the the success of the Market Common as a shopping village and residential hot spot for the city.
Because of that success, both Horry County and the Horry County School District officials said it's time for redevelopment funding in the Market Common to be pulled from elsewhere.
School district officials had urged city council members not to move forward with the amendments to the redevelopment plan for the Market Common without further revisions.
The plan allocates more than 900,000 dollars per year for things like remodeling costs, road repairs, the dredging of lakes and canals in that area, but school district officials said those things were never listed in the original redevelopment plan, and it’s unfair to ask county taxpayers to bear the costs.
They believe the city should use its general fund to look after the maintenance needs of the shopping and residential village.
"We believe that it's time to start winding down that TIF district and bring those tax dollar allocations back to the proper entities of where they should be," said Horry County Schools spokesperson, Lisa Bourcier.
The plan approved Tuesday does not include the $20 million project for a new school in the Market Common, as originally planned.
The city also removed other projects from the plan and has been in discussions with the county for almost a year regarding redevelopment in the Market Common.
School district officials said if they have to, they will take any action necessary to stop the city from using TIF money for the Market Common.
District officials said if the TIF extends through 2036 as planned, that’s another $36.9 million that could be used for the education of Horry County’s students.