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Business Incentives

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OVERVIEW

In February 2020, Myrtle Beach City Council amended the financial incentives available for certain new investment and redevelopment projects in designated areas to encourage new economic activity!  Projects approved by City Council under the new rules could receive vouchers (credits) for a portion of the money that was invested.  These incentives are unique to the City of Myrtle Beach.  For more information about Opportunity Zones (federal incentives), see our Opportunity Zones webpage.  For additional information regarding the many business opportunities in downtown Myrtle Beach, contact the city's Downtown Development Office.

MINIMUM INVESTMENT REQUIREMENTS

New Construction:

  • Transient Accommodations – $5,000,000
  • Multi-Family Residential – $1,000,000
  • Other Redevelopment Project – $100,000

Renovations:  25% of Value of All Improvements on Property (Per County Tax Records) 

Voucher Caps:

  • New Construction – 2% of Total Cost; Cap is $2,000,000
  • Renovations – 10% of Total Cost; Cap is $250,000 

Designated Areas:  Areas designated as redevelopment targets for these investments and the resulting vouchers include the area from Kings Highway to Ocean Boulevard, from 29th Avenue North to the southern intersection of Ocean Boulevard and Kings Highway, and the new Arts & Innovation District. 

Plan Approval:  Developers and businesses must submit their plan to City Council, and City Council must approve the plan by ordinance.  Each plan is subject to a development agreement and a building permit must be issued within six months of the development agreement.  The project must be completed within 24 months, unless City Council initially approves a longer time frame.

Eligible Project Types:  Citywide, targeted business development projects eligible for a voucher of up to two percent of the investment include technology industries, medical providers, experiential retail and workforce housing.  Such targeted business investments must be approved by Council.   

Voucher (Credit) Parameters:  Vouchers may be worth up to two percent of the investment, with a maximum voucher value of $2,000,000.  (A $100,000,000 investment could earn the maximum two percent voucher, worth $2,000,000.)  The voucher is for a specific fee, tax or assessment that the developer pays to the city and can only be reimbursed (up to the maximum specified per investment) after such payments have been received by the city and the project is complete.  Vouchers are valid for a maximum of five years, or less if the credit is exhausted.