Leaders in Myrtle Beach to Vote on Incentives for A $40 million International Residence Hall Project
In an upcoming city council meeting in Myrtle Beach, South Carolina, leaders are expected to vote on incentives for the development of a $40 million international residence hall project. The construction project was rezoned for eight acres of land more than a year ago and now is awaiting approval for a proposed plan of generous incentives for developers.
City Council’s Potential Approval
If the proposal gains the city council’s approval on Tuesday, it will establish a set 30-year property tax rate of at least 273.2 mills. Additionally, the council may also approve tax credits ranging from 50% to 75% for 20 years as a supplementary incentive.
The legislation backing the said initiative states that the international residence hall project will significantly contribute to significant capital investment, housing facilities, and job creation.
The Role of Holtz Builders
In exchange for the proposed incentives, Holtz Builders, a Wisconsin-based construction company, is committed to constructing dormitory-style housing with a potential capacity of up to 3,000 beds along Mr. Joe White Avenue.
Potential Financial Impact
If the agreement is not in place, the $40 million investment by the International Residence Hall (IRH) would earmark $200,000 erstwhile in annual property tax revenues for the city. However, with the said agreement, Myrtle Beach will collect a lower amount for the initial phase of the project: $50,000 a year for the first five years, $100,000 per year for years six through twenty, and reverting to $200,000 annually thereafter.
Impact on J-1 Students
The proposed complex would cater specifically for J-1 students or those international students who travel to the United States for work-based and study programs.
Mayor Brenda Bethune has consistently stressed the importance of a facility like this to support Myrtle Beach’s tourism-dependent economy. The city has hosted 8,528 participants through the J-1 program since 2018. However, finding safe, affordable seasonal accommodation remains a challenge for these students.
Going Forward
Officials in Myrtle Beach continue to express hope that projects like these not only stimulate economic development but also attract international talent to the city. The project’s approval could set a precedent for similar developments in the future. Meanwhile, the city council continues to weigh the pros and cons as they prepare for the crucial vote on the matter.
As the city of Myrtle Beach looks forward to the city council’s decisive vote, narratives around the economic implications and benefits of the international residence hall project continue to shape conversations.
*Author: HERE News.
* Source: HERE News Network
