Parking meter rate increase to generate $330K to fund dilapidate - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Parking meter rate increase to generate $330K to fund dilapidated building cleanup

MYRTLE BEACH, SC (WMBF) - Parking meter rates have increased in Myrtle Beach, and city leaders said the extra money will fund the cleanup of dilapidated buildings. The higher rates are expected to generate an additional $330,000 per year, according to city council members.

The Downtown Redevelopment Corporation will use the money to make principle and interest payments when borrowing from a $10 million line of credit. The line of credit will be used to fund repair or demolition expenses for dilapidated properties in the DRC district, as well as costs of acquiring land in the district for public use.

Parking meter rates will increase 25 cents to 50 cents an hour, effective Friday, May 1.

Under the new rate structure, metered parking at street ends will be $2.00 per hour.

Metered parking at other high-demand locations, including areas with a three-hour time limit, will be $1.75 per hour.

All other metered parking spaces will be $1.50 per hour.

In addition, all-day parking rates, where allowed, will increase from $6.00 to $10.00 on the street ends and from $6.00 to $8.00 in other metered locations. (All-day parking is not an option in areas with a three-hour time limit.)

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