Myrtle Beach to increase purchasing power for oceanfront redevelopment

Grand Strand

MYRTLE BEACH, S.C. (WBTW) — The city of Myrtle Beach plans to increase its spending power for the redevelopment of “dilapidated” properties in the Oceanfront Redevelopment Project Area downtown.

The city council on Tuesday approved the first reading of an ordinance that would increase the estimated cost of buying the properties to $35 million.

In 2008, the city estimated $20 million would cover the cost of buying rundown properties in the target area. The new amount will allow increased “flexibility,” city spokesperson Mark Kruea said.

In December, the city council approved the purchase of property worth $15 million in the district. The city plans to demolish the properties for redevelopment with hopes that private investors will buy-in, ultimately increasing tax revenue so that the initial investment pays for itself.

The city said the additional $15 million that received initial approval on Tuesday has not been allocated for specific property purchases.

“It does not increase the level of debt we may issue, nor does it authorize any debt to be issued for the project,” Michelle Shumpert, the city’s chief financial officer, said.

The second reading of the ordinance is scheduled in two weeks.

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