MYRTLE BEACH, SC (WBTW)- Changes to the Market Common master plan could give millions of dollars back to Myrtle Beach, Horry County, and the school district.
The city said they’ve checked a lot off the list of market common’s original needs. Now, it’s mainly maintenance and, because of growth some needed additions.
Some of the big items on the list is a new fire station which will be located at the former Clemson tract. That will cost 3.5 million dollars, and an extra deck on the parking garage costing 3.2 million. The original list for the market common had 20 million dollars allotted for a new school but now that’s off the table.
“10 years later there are fewer than 160 school students living in the market common,” said City of Myrtle Beach spokesman, Mark Kruea.
The Market Common is a tax increment financing district or TIFF which means the money comes from property taxes in that area. The money pays for all public infrastructure like roads, sidewalks and parks. Officials said changes to the master plan will also free up money.
“We don’t need all the money the TIFF generates and it lets us return some to the different tax juristictions,” said Kruea.
Starting in October, the city will get 1.3 million dollars, the county about $900,000 and Horry County Schools 2.3 million each year. That they can use how ever they’d like.
There could be extra tiff money, after a proposed airport hangar on the Market Common Side of Myrtle Beach International Airport got axed.
Sandy Davis with the Myrtle Beach Regional Economic Development Dorporation said the infrastructure in that area didn’t work and the project could still happen somewhere else.
The market common master plan still needs a second reading to pass.
