<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0nT5W8_1GWctPRw00" alt="https://img.particlenews.com/image.php?url=0nT5W8_1GWctPRw00" width="590" height="413" >MYRTLE BEACH, S.C. (WBTW) — The Myrtle Beach City Council on Tuesday approved the first reading of an ordinance advancing an amendment to expand an existing multi-county business park agreement to include the proposed Wavegarden Project.The proposed amendment adds 26.88 acres associated with the Wavegarden Project to the business park, which was originally established on Dec. 5, 2000. It also establishes the distribution structure for fee-in-lieu-of-tax, or FILOT, revenues generated by the development.The council previously approved an incentive agreement offering up to $20 million in financial incentives to support the development of the Wavegarden Project. Potential funding mechanisms identified in that agreement include business park revenues, Special Source Revenue Bonds and other legally available funding sources.Under the proposed amendment, 70% of the project’s FILOT revenues will be allocated to reimburse eligible project costs or pay down debt issued to finance the development.The remaining 30% of FILOT revenues will be divided among multiple local government jurisdictions and public entities. Horry County and Horry County Schools will each receive 9.67%, while the city of Myrtle Beach will receive 9.66%. Georgetown County and Marion County will each receive 0.5% of the revenues.All facts in this report were gathered by journalists employed by WBTW. Artificial intelligence tools were used to reformat information into a news article for our website. This report was edited and fact-checked by WBTW staff before being published.</div></body>

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MYRTLE BEACH, S.C. (WBTW) — The Myrtle Beach City Council on Tuesday approved the first reading of an ordinance advancing an amendment to expand an existing multi-county business park agreement to include the proposed Wavegarden Project. The proposed amendment adds 26.88 acres associated with the Wavegarden Project to the...

Wavegarden Project amendment gets first approval by Myrtle Beach City Council

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