MYRTLE BEACH, SC (WBTW) – Myrtle Beach City council recently approved the expansion of a voucher program in the downtown area, encouraging renovation and new businesses.
If council approves a building or business to be a part of the program, they could earn back up to 2% of their investment over a five year period.
The City hopes this will encourage new businesses and redevelopment in the Commercial District of Ocean Boulevard and the Arts and Innovation District.
The money would act essentially as a partial reimbursement the business paid to the City for things like business licenses, building permits or water and sewer.
Mark Kruea, the City of Myrtle Beach spokesman, says Ocean Boulevard is predominately made up of mom and pop hotels. He tells News13, these are a mainstay of the Boulevard and this would allow them the opportunity to renovate.
“The smaller hotels that wouldn’t have the opportunity to invest five million dollars, but maybe they can invest 300,000 dollars and improve their property,” Kruea said. “They can get part of what they spent; up to two percent back of what they paid to the City for that investment.”
City officials say this is one of several incentive programs in place for redevelopment in that area.
“We’ve done the historic credits, the Bailey bill, the opportunity zones that are in place and these voucher credits that are in place for new investments or redevelopments; so there is plenty of opportunity to make an investment in the Ocean Boulevard area and arts and innovation district,” Kruea said.