Myrtle Beach Leaders Set to Vote on $40M International Residence Hall Project Incentives
Myrtle Beach city leaders are gearing up to vote on incentives for a $40 million international residence hall project during their city council meeting next Tuesday. The proposals include a firm 30-year property tax rate and hefty tax credits that could bolster a significant capital investment and create new jobs.
Addressing the Housing Challenges for International Students
The project aims to provide solutions for international students participating in J-1 visa programs, where finding safe and affordable housing on a seasonal basis can be challenging. According to the National Immigration Forum, the J-1 visa permits eligible international students to gain experience in the United States via study and work programs.
Since the introduction of the J-1 program in 2018, Myrtle Beach has welcomed more than 8,500 participants. The international residence hall project’s initiative aligns with the city’s commitment to supporting its hospitality and tourism-dependent economy, providing a much-needed housing facility for these participants.
Financial Implications and Incentives
Holtz Builders, a Wisconsin-based firm, will construct the dormitory-style housing project through its International Residence Hall brand. The proposed complex will accommodate up to 3,000 students along Mr. Joe White Avenue. The estimated $40 million that International Residence Hall will invest into this project would ordinarily generate $200,000 worth of annual property tax revenues for the city.
However, if the agreements are approved, Myrtle Beach will collect reduced revenues: $50,000 annually during the project’s first five years, $100,000 every year for years six to twenty, and finally $200,000 yearly after that. In exchange, the city council is likely to offer tax credits, ranging from 50% to 75% for 20 years, as an additional incentive aside from the 30-year property tax rate set at a minimum of 273.2 mills.
A Mutually Beneficial Project
The city officials believe that the project will boost local economic growth and significantly impact Myrtle Beach’s hospitality industry. It’s deemed crucial for international students to have positive experiences whilst staying in the city, supporting their decision to return in subsequent seasons.
Balancing the city’s growth and the demands of its vast hospitality industry is crucial, and this project aims to reduce some of the pressure on the accommodation sector. The city’s steady growth coupled with the allure of its hospitality industry presents this project as a unique international residence hall opportunity, anticipated to attract many international students to Myrtle Beach.
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