After an ordinance stalled at a previous meeting, Myrtle Beach City Council has changed its tune and looks set to move forward with the issuance of an $81 million bond.
At the Oct. 8 city council meeting, council voted 5-2 in support of the bonds, which would pay off the principal balance of 2014 bonds ($40 million), fund renovations to the Myrtle Beach Convention Center ($20 million) and pay for infrastructure and parking improvements in the Arts and Innovation District ($16.5 million.)
鈥淚 know 81 is a large number, but half of it is refunding existing debt that will generate $5 million, I believe, in cost savings. It鈥檚 similar to refinancing your home in a mortgage. That鈥檚 40 of the 81,鈥 City Manager Fox Simons said.
Improvements to the Convention Center include fixing leaking skylights, fa莽ade renovations, ceiling tile replacement, carpeting and lighting.
Mayor Brenda Bethune specified that the improvements to the Arts and Innovation District are 鈥渘ot as simple as just A&I infrastructure,鈥 adding that the improvements would increase stormwater capacity and benefit surrounding areas.
The ordinance to have the bonds issued must go through two readings. It was passed on first reading Oct. 8. Council members Bill McClure and Mike Lowder voted against the bond issuance.
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