Myrtle Beach Economic Development Plan Business Plan

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Total Length: 1630 words ( 5 double-spaced pages)

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Executive Summary

Myrtle Beach is a seaside resort community. It is a destination city and provides tourism services year-round. It has grown exponentially in recent years and is among the top growing cities in the country. It is in need of economic diversification, infrastructure updating and expansion, and job development.

It has benefitted from state tax-friendly codes but conservative politics could be an issue in enhancing the city’s profile and attempt to appeal to diverse populations. It has benefited from federal policies like FEMA and FHA, which provide emergency response and affordable housing funds.

A strategy to address its economic development needs include: 1) keeping taxes low, 2) offering tax-based incentives to attract business, 3) addressing zoning issues to separate commercial and industrial facilities in the downtown area, 4) applying FHA funds to provide affordable housing for residents in blighted areas, fixing up the blight, and attracting more investment, 5) increasing revenues for the city to update and expand infrastructure.

The expected outcomes of these interventions will be that the city is able to meet its development objectives and create a sustainable economic environment that allows diverse businesses to establish themselves in the city. By enhancing its tourism profits with other economic opportunities through profile enhancement and investment, the city can adequately address infrastructure needs.

The Community Profile

The City of Myrtle Beach, South Carolina, is one of the 13th fastest growing cities in the United States, according to 2000 Census figures (Myrtle Beach Housing and Community Development Consolidated Plan: Part 3, 2005, p. 1). With a growth rate of over 36%, Myrtle Beach is far outpacing the national average. Growth, however, has meant that land is in high demand and housing and infrastructure needs are also growing. As more members of the elderly community seek to settle in Myrtle Beach, owing to the community’s serene beach-side scenery and pleasant climate, along with the city’s year-round tourism, the city has experienced an increase in housing and land expenses.

Myrtle Beach is home to nearly 30,000 residents, who welcome tourists to their city year-round, offering their city as a full-service resort to those seeking a warmer climate and a beach-setting to relax and enjoy (City of Myrtle Beach Comprehensive Plan, 2011).

In order to build and develop and achieve the city’s potential, the Myrtle Beach Regional Economic Development Corporation (MBREDC) was founded.

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Its business is to facilitate economic development by obtaining investment for the region, enhancing the community’s profile as a “prime business location,” bringing entities and organizations together to strengthen business ties and accelerate economic growth, and diversifying the city’s economy so as to achieve sustainability (MBREDC, 2017).

The Specific Problem

The city’s infrastructure systems are over capacity and need to be expanded as growth continues. Existing neighborhoods have substandard infrastructure. The Central Business District (5-Points Downtown) is aged and land use is mixed (varying from commercial to industrial) which means retail and construction yards exist side-by-side—an unbecoming zoning environment that “is not conducive to the thriving, successful development that is needed to bring prosperity to the City’s blighted and underdeveloped commercial core” (Myrtle Beach Housing and Community Development Consolidated Plan: Part 5, 2005, p. 46).

The community also needs to diversify economically so that it can achieve sustainability going forward. If it keeps all of its eggs in one basket, so to speak, it risks losing the momentum it has achieved in recent decades. Likewise, if the community rests fully on tourism to support its infrastructure needs, it will not obtain the required funds to update and develop. The city must diversify by attracting new business, addressing zoning issues, and enhancing its profile and image so that it is seen as a place where businesses want to come to thrive.

State and Federal Public Policy

State and federal public policies that have impacted Myrtle Beach include being tax-friendly (a state policy) and safe (from Hurricane season) as well as conservative (though this is controversial, as shall be explained). The state of South Carolina has ensured that cities like Myrtle Beach are tax-friendly especially for its older population who seeks retirement without worry. To that end, Gigante (2013) notes that “this sunny southern belle levies no tax on Social Security and issues homeowners who are 55-plus a property tax break, allowing a local tax exemption on the first $50,000 of a property's fair market value.” What’s more is that “those 65 and older can also deduct up to $15,000 per spouse in qualifying retirement income, offset by….....

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