Myrtle Beach could incur $370 million in debt to pay for its plan to transform its downtown into a center for culture and commerce.
In the arts and innovation district, more than a dozen projects could be financed through more than $370 million in long-term debt through 2028, although this figure may decrease significantly as grants and private partnerships are developed.
It is expected that $17.4 million worth of activity will take place within the district in the 2023-24 fiscal year, which begins July 1. A 300-seat theater will be opened in collaboration with Coastal Carolina University in the Main Street Mates store and two other connected buildings.
At a June 6 budget workshop, City Manager Jonathan “Fox” Simons said an agreement with CCU outlining its financial commitment for the theater should be finalized within the next few weeks.
The following funds will be set aside for arts and innovation district projects next year:
A new downtown library campus will cost $2.21 million
A Rails to Trails line will be developed with $1 million
A new parking lot at the city’s historic train depot will cost $1 million
A contingency fund of $400,000 will be set up for overall development costs
With some payments running until 2042, the city already owes nearly $165 million in long-term debt.
Due to its Aa credit rating and stable outlook, Myrtle Beach can absorb $10.8 million worth of new debt by June 30 without direct voter approval.