Myrtle Beach City Council will meet tomorrow to approve the purchase of 6 parcels from 7th Ave. North Ocean Boulevard to 8th Ave North Ocean Boulevard out west to Business Highway 17. These purchases are all part of the city’s masterplan to partner with an investor in redeveloping this city square. The total purchase price for the parcels is expected to be $10,245,500.00. The city plans to borrow up to $12 million.
The city’s takeover of this block began when the city worked with former Downtown Redevelopment Corporation Board Member, Noam Pyade, in purchasing the Fountain Bleau and the Oasis Motel in that same square. Those two properties have since been bulldozed.
The city will collectively pay the Doyle family of Aynor $8,200,000 for the Midtown Motel and associated parcels owned by the Doyles.
Lynn Atkinson of Marion, S.C. will receive $1,750,000 for a property she owns in that same block.
Two additional parcels will be purchased for $232,000 and $63,500.
Myrtle Beach unveiled its comprehensive city-wide masterplan for the area in a presentation to city council just recently.
READERS CAN VIEW THAT MASTERPLAN HERE
The City of Myrtle Beach masterplan will likely involve a Public – Private partnership.
What is a Public – Private Partnership?
Public-private partnerships involve collaboration between a government agency and a private-sector company that can be used to finance, build, and operate projects, such as public transportation networks, parks, business ventures, and convention centers.
Public-private partnerships often involve concessions of tax or other operating revenue, protection from liability, or partial ownership rights over nominally public services and property to private sector, for-profit entities.
These types of ventures are common in countries like China and are becoming increasingly common in America.
The City of Myrtle Beach passed a mid tax on downtown merchants to offset the costs of this venture. The city has not unveiled what private business will be the benefactor of this relationship.
However, talks of a baseball stadium/concert venue have been privately discussed.