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Myrtle Seaside going $370 million in debt for Arts & Innovation Redevelopment

Myrtle Seaside may incur $370 million in debt to pay for its plan to rework its downtown into a middle for tradition and commerce.

Within the arts and innovation district, greater than a dozen tasks may very well be financed by means of greater than $370 million in long-term debt by means of 2028, though this determine might lower considerably as grants and personal partnerships are developed.

It’s anticipated that $17.4 million price of exercise will happen throughout the district within the 2023-24 fiscal yr, which begins July 1. A 300-seat theater can be opened in collaboration with Coastal Carolina College within the Essential Road Mates retailer and two different linked buildings.

At a June 6 funds workshop, Metropolis Supervisor Jonathan “Fox” Simons mentioned an settlement with CCU outlining its monetary dedication for the theater must be finalized throughout the subsequent few weeks.

The next funds can be put aside for arts and innovation district tasks subsequent yr:

A brand new downtown library campus will value $2.21 million

A Rails to Trails line can be developed with $1 million

A brand new parking zone on the metropolis’s historic practice depot will value $1 million

A contingency fund of $400,000 can be arrange for general growth prices

With some funds working till 2042, town already owes almost $165 million in long-term debt.

Because of its Aa credit standing and steady outlook, Myrtle Seaside can take up $10.8 million price of latest debt by June 30 with out direct voter approval.