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Council backs inducement and ordinances for $40 million "Project Zen" workforce-housing incentive
Summary
Staff told Horry County Council that "Project Zen," a $40 million investment located in Myrtle Beach, requested a 20-year fee-in-lieu agreement (with a possible 10-year extension), a fixed millage and a special source revenue credit; staff estimated the incentive would reduce annual county receipts from about $600,000 to roughly $300,000.
County staff presented an inducement resolution and two ordinances to authorize a fee-in-lieu of tax agreement for "Project Zen," described in the presentation as a $40,000,000 investment primarily supporting workforce housing for the hospitality industry in Myrtle Beach.
Staff said the applicant requested a 20-year term (with an option to extend 10 more years), a fixed millage structure and a special source revenue credit set at 75 percent for years 1–5 and 50 percent for years 6–20; the city of Myrtle Beach had provided consent and agreed to participate pro rata in the incentive. Staff estimated the fully taxed annual property tax would be about $600,000 and that the fee-in-lieu structure would reduce county receipts to roughly $300,000 annually. Council moved, seconded and approved the resolution and the two ordinances on the consent motion recorded in the meeting.
