Redevelopment of the former Myrtle Beach Air Force Base has proven to be beneficial
Redevelopment of the former Myrtle Beach Air Force Base is paying dividends for local governments -- $4.7 million, in fact. Not only has the assessed property value on the former base grown from $4.25 million in 2004 to $38.2 million in 2019, but the Redevelopment Authority declared surplus funds and returned a portion to the taxing jurisdictions.
Late last year, the Horry County school district received a check for $2,388,065, Horry County received $920,471 and the City of Myrtle Beach received $1,361,383 from the Redevelopment Authority. The distributions are in proportion to the jurisdictions’ levies and are not restricted in use. The surplus amounts also are expected to grow each year, as redevelopment continues.