Leaders from four Myrtle Beach organizations are looking to add investors to the City’s opportunity zone in an Opportunity Zone Investor Forum this morning.
The forum is called “20 Million Reasons to Invest in Myrtle Beach”.
There are three other opportunity zones in Horry County but this forum will only showcase the opportunity zone in Myrtle Beach, which covers 21 Avenue N and extends up to 3 Avenue S and back to the bypass.
“It’s a pretty large area that’s considered the opportunity zone,” the Executive Director for the Downtown Redevelopment Corporation Lauren Clever said. “It’s probably one of the only opportunity zones in the
United States with two miles of oceanfront, so that I think is a huge enticement for folks.”
The zone includes much of the downtown area and the space which Council unanimously voted to adopt the DRC’s Master Plan.
Opportunity Zones are particularly intriguing to people with capital gains taxes. Investing in an opportunity zone would allow these individuals to defer some of those taxes.
Lauren Clever tells News13, opportunity zones benefit both parties.
“Think about those folks that sell large companies, or that they have large amounts of capital gains, and imagine the amount of taxes they have to pay on it, this helps them defer that,” Clever said. “So it’s a big deal for folks that have that kind of interest in something like this.”