MYRTLE BEACH, S.C. (WBTW) — Myrtle Beach leaders will consider a resolution Tuesday that would commit $4.2 million annually over 30 years toward the construction of Interstate 73.

The resolution is on the agenda for Tuesday’s city council meeting, which is set for 10 a.m. in council chambers at the Ted C. Collins Law Enforcement Center on North Oak Street.

“I-73 is a major economic development project for Horry County and for municipalities within Horry County,” the agenda item reads. “I-73 has been an initiative of the community for approximately 20 years.  With the federal stimulus monies associated with the COVID-19 relief packages, and the federal government’s Infrastructure Bill, now is the right time to address this project.”

North Myrtle Beach officials have already committed $1.7 million annually to the project. City council vote unanimously on Dec. 6 to fund the project, with some stipulations on how the money can be used.

In October, South Carolina Gov. Henry McMaster traveled to Myrtle Beach and pledged $300 million for I-73. The project is estimated to cost about $2.3 billion. At the announcement, he said he was hopeful a commitment from the state would strengthen the commitment from federal legislators working to secure money for the project.

South Carolina’s part of I-73 would run from the Rockingham/Hamlet area, into Marlboro County, and then Dillon County, before intersecting with Interstate 95, and then hitting Highway 22 in the Myrtle Beach/Conway area.