Myrtle Beach Sets Course for Revitalization with $81 Million in Bond Issuance

Myrtle Beach Gears Up for Exciting Changes with $81 Million in Bonds

Myrtle Beach is buzzing with excitement these days, and it’s not just because of our incredible weather! With sunny skies forecasted and temperatures expected to hit a warm 81°F, the city council has decided to take some significant steps to improve our beloved community. How? By issuing $81 million in bonds—a move that aims to boost the local infrastructure and actually save some money in the long run!

Big Plans for the Cash

So, what does this mean for us? Well, just like when you refinance your home to get better rates or take care of some repairs, Myrtle Beach is looking to make the most of opportunities too. The bonds add about $33 million to the city’s existing debt of $244 million, but here’s the kicker: this borrowing is expected to save about $5 million over the next 20 years! That translates to roughly $400,000 a year. Michelle Shumpert, our city’s chief financial officer, has some great insights on this matter.

“This money will be paid off with hospitality tax revenue,” Shumpert explained. As it turns out, that’s good news for us since the city anticipates collecting $43 million in hospitality taxes each year. The bond repayment will be around $4.7 million annually, leaving plenty to handle other essential community needs.

The Convention Center Gets a Makeover

One of the key beneficiaries of the bond will be the Myrtle Beach Convention Center. Around $20 million is earmarked for fixing up some nagging issues, including repairing the leaking glass facade that’s been causing headaches for event organizers and visitors alike. Over the years, the Convention Center has seen a ton of events, and it’s about time it gets a little TLC!

Investments in Our Community

But wait, there’s more! About $16.5 million will go towards addressing other pressing needs like replacing old pipes dating back to 1938 (yep, you read that right!), improving streets, and enhancing stormwater management in the Arts and Innovation District. For those who take pride in the aesthetic appeal of our neighborhoods, these upgrades will involve new lights, landscaping, and even bicycle lanes!

Fox Simons, our city manager, assured us that these efforts are all about creating a better environment for everyone. “We’ve done a really good job of infrastructure on the north end and the south end. Now we have to focus on the middle,” he said. That’s some friendly wisdom about keeping our infrastructure in tip-top shape!

A Little History

For those who may not know, the Convention Center was built back in 1967 and received a significant expansion in 1993. It’s a critical hub for attractions and events, drawing tourists and locals alike. It generates about $1.2 million through 2028 and rakes in an additional $1.5 million in hospitality fees over the same period.

All Eyes on the Future

The city has owned the Sheraton Hotel connected to the Convention Center since 2000, and they’re working on extending the agreement with the hotel chain, but any cash from this bond will not cover upgrades at the Sheraton, so that’s a side note for our holiday travelers!

With all these investments, Myrtle Beach is clearly committed to enhancing not just our downtown area, but the entire community. Whether it’s improving water and sewer infrastructure or sprucing up the streets, every little change helps make our seaside town an even better place to live, work, and play.

So, stay tuned! With these exciting developments on the horizon and lovely weather ahead, there’s always something wonderful happening here in Myrtle Beach!