Horry County Council voted to move forward Tuesday night with plans for a multi-county business park in Carolina Forest.
The project would improve established road infrastructure between the Carolina Forest community and the Tanger Outlets, according to a proposal recently submitted to Horry County Council.
The $2.2 million project would first extend Postal Way and Glenforest Road to the Tanger Outlets, and construct a third road that would connect the Postal Way extension to US-501. Developers note in the proposal the project will not only improve traffic congestion problems, but lure new businesses to the area.
Developers say the road project would include sewage, drainage, and sidewalk extensions in the area. It would also give drivers the opportunity to access Carolina Forest and the Tanger Outlets without using US-501.
Johnny Vaught, who serves District 8 in Horry County, says fees in lieu of taxes from the new multi-county business park – which will be created by ordinance – will help fund the work. Vaught tells News13 that 35% of the fees collected will go towards paying off special source revenue bonds.
“The sale of the bonds will pay for the infrastructure,” he said. “This is a golden opportunity for us at somebody else’s expense, basically. It’s a win-win situation all around. They’d be paying the taxes anyway, so why not have it go towards infrastructure?”
The new multi-county business park, according to developers, would include the Tanger Outlets property and Forest Square. County leaders say it could take anywhere from 7 to 10 years to pay off the project.
Officials could not comment on when the project could begin or how long the work would take. County Council must first approve three ordinances establishing the bonds and basis of the business park. The issue could be included in talks at regularly scheduled meetings as early as March, according to Horry County Spokeswoman Lisa Bourcier.