CONWAY, S.C. (WBTW) — It’s not Penny Lane, but it’s close.

Coastal Carolina University’s board of trustees on Tuesday renamed one of its campus buildings Penny Hall after Horry County’s penny sales tax, which the university says supports local education. The building was formerly known as Academic Office and Classroom Building II.

“Coastal Carolina University is forever grateful for the residents of Horry County, who voted overwhelmingly for the Penny Sales Tax renewal,” CCU President Michael T. Benson said in a news release. “Their vote speaks to the confidence they have in supporting our amazing local education. The continued impact the Penny Sales Tax will have on CCU, and the community as a whole, is priceless. Naming Penny Hall provides us the opportunity to acknowledge and thank everyone who was involved in the initial development, passage, and now renewal of the Penny Sales Tax.”

The university said it has received more than $133 million from the tax, which went into effect in 2008 and was renewed by Horry County voters in November for 15 years.

According to the university, the tax funds capital improvements for CCU, Horry-Georgetown Technical College and Horry County public schools. CCU gets 13.3% of the tax, HGTC gets 6.7% and Horry County Schools gets 80%.

The university said the money has helped build several facilities, including the newly renamed Penny Hall; Science Annex II; the HTC Student Recreation and Convocation Center; Clay D. Brittain Jr. Hall; and Thompson Library, which is under construction. It also helped pay for the acquisitions of the General James Hackler Golf Course, the Student Health Center and the Coastal Science Center.

Also on Tuesday, the board approved:

  • three new four-year degree programs: a Bachelor of Science in health sciences, a Bachelor of Arts in journalism and sports broadcasting, and a Bachelor of Professional Studies.
  • renaming both the Science Annex II building and the archives and special collections that will be housed in the soon-to-be-renovated Kimbel Library in recognition of two separate seven-figure donations to the University, pending finalization of the gift agreements.
  • increasing the indoor practice facility project budget from $15 million not to exceed $20 million, pending design, scope, and cost estimates from the construction manager and contingent upon available private funding.
  • two, one-year leases: one with the Coastal Educational Foundation for property located on Highway 544 and the other with Fountain-Fuller of SC, LLC, for warehouse space in the Atlantic Center.

The board’s next scheduled meetings are on Feb. 16-17.