MYRTLE BEACH, SC (WMBF) - Myrtle Beach wants more businesses to call it home, so city council wants to offer incentives for them to do that.
City council wants to attract more medical providers, technology businesses and experiential retailers, that provide shopping plus some kind of experience, such as Broadway at the Beach.
Under a proposed ordinance, which passed first reading Tuesday, those types of businesses would get up to two percent of their investment in a voucher and once building is complete, the city will pay back permit fees, business license fees, and even pay further city fees over the next five years, such as water and sewer fees, until two percent of the investment has been reimbursed.
Businesses locating in certain parts of the city are eligible for an even bigger incentive of three percent.
Those areas include ITAP, around Carver Street, the South Mixed Use Area, and Kings Highway, which specifically would require businesses to move into a space that's been vacant for a year or more to qualify for the three percent incentive.
"It's all a means of incentivizing those specific types of businesses council is particularly concerned because they want to make sure we're attracting some of the young talent in this community to stay here," City Manager John Pedersen said.
The plan doesn't require any additional funds as the reimbursement will come directly from funds from the businesses.
This ordinance passed first reading Tuesday afternoon and it will still have to pass one more reading before it goes into effect.