Myrtle Beach City Council will meet Tuesday, December 14th to vote on funding for I-73:
Resolution R2021-032 a resolution of the City of Myrtle Beach regarding the intent to contribute $4.2 million annually for the construction of I-73.
This amount over 30 years comes to $126 million. The total costs of developing the interstate from I-95 to the coast is priced at $2.3 billion. Myrtle Beach’s commitment would only amount to 5.25% of the total $2.3 billion cost of the interstate.
The city states: I-73 is a major economic development project for Horry County and for municipalities within Horry County. I-73 has been an initiative of the community for approximately 20 years. With the federal stimulus monies associated with the COVID-19 relief packages, and the federal government’s Infrastructure Bill, now is the right time to address this project. This resolution commits the City of Myrtle Beach to fund construction of I-73 in the annual allotment of $4.2 million for 30 years.
North Myrtle Beach officials have already committed $1.7 million annually to the project. NMB council voted unanimously to fund the project for as much as $51 million. Key restrictions apply that make the funding suspect. North Myrtle Beach’s commitment comes to 2.2% of the entire project.
Governor McMaster continues to promise that the South Carolina General Assembly will commit $300 million to the road. No high ranking state senators nor state legislators have stepped forward making this same commitment, however.
The S.C. Senate and the S.C. Representative body are the only groups that can make this commitment.
If that commitment stands, the State of S.C. would commit 13% in total.
Horry County voted down a pledge of $126 million earlier this year. However, many councilman state they only delayed the vote until the State and other cities came on board. If approved, Horry County’s commitment to the interstate would be 5.25 percent of the entire road.
Factoring In The $1.6 Billion Estimate
If the connector from I-95 to the coast comes in at $1.6 billion as some state, the funding commitment breaks down as follows:
City of Myrtle Beach 7.875%
Horry County 7.875%
North Myrtle Beach 3.1875%
State of S.C. 13%
TOTAL PLEDGED: 31.93%
Where will the additional 68% of the interstate’s needed funding come from?
68% of the not pledged I-73 funding amounts to over $1 billion.
The governor said that the state will come up with half of the $1.6 billion, while the federal and local governments are responsible for the other half. It would mean that local governments in Horry, Dillon and Marion counties would have to help with funding.
Once again, this promise from Governor McMaster is an empty one. Only the General Assembly can pledge funds for I-73.
The federal government has made no public statements on funding this connector road.
Cities that include Loris, Conway, Aynor, and Surfside Beach would also need to contribute. Also Marion and Dillion would need to commit funding. Dillion County has already come out publicly against this road.
A key council member in Surfside Beach has stated that no monies for I-73 will come from that town either.