HORRY COUNTY, SC (WBTW) – Leaders moved forward with separate agreements Tuesday night to fund the Myrtle Beach Regional Economic Development Corporation and Coast RTA.
Two resolutions pertaining to the agreements were approved by Horry County Council at a regularly scheduled meeting, according to Horry County Spokeswoman Lisa Boucier.
An agreement between the county and the Myrtle Beach Regional Economic Development Corporation will provide $1.3 million in annual funding to the organization for FY 2016-2017.
Officials say the $1.3 million will be divided into two funds. Approximately $700,000 will be allocated for use under the MBREDC’s operating fund, and an additional $600,000 will be used for a closing fund.
According to documents provided to Horry County Council prior to Tuesday’s meeting, funds allocated under the agreement will support the marketing of certain economic development properties and performance of business and industrial recruitment activities on behalf of Horry County.
The funds, according to officials, will also provide assistance to existing businesses and industries in future expansion opportunities, and in efforts to retain existing local businesses.
The agreement also requires MBREDC to provide an annual budget outlining the uses for the funding prior to its distribution. The organization will also need to provide quarterly reports to the County Administrator and present quarterly presentations to Horry County Council on its status.
Horry County Council also approved a resolution approving a funding agreement for Coast RTA for FY 2016. Approximately $1,055,000 will be allocated for mass transportation. The agency will receive the funding in for disbursements totaling $263,750 each.
According to county documents, stipulations were placed on the agreement. Documents show prior to receiving the funding, Coast RTA will need to provide copies of its most recently completed audit of financial statements, among other items.
