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SOUTH CAROLINA HALL OF FAME


The Myrtle Beach Convention Center is home to the South Carolina Hall of Fame, which is open to the public during Convention Center business hours.

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Corner Icon  The Sheraton Myrtle Beach Convention Center Hotel, at the corner of Oak Street and 21st Avenue North, offers 402 well-appointed rooms and convenient amenities on site at the Myrtle Beach Convention Center.  The City of Myrtle Beach owns the hotel and contracts with a management company to operate it under the Sheraton flag.  Together, the hotel and Convention Center work hand-in-hand to provide an outstanding experience for your trade show, meeting, corporate event or convention.  Call the Sheraton at 843-918-5000. 


Corner Icon Questions?  E-mail info@cityofmyrtlebeach.com or call (843) 918-1014.  

   

Myrtle Beach Performing Arts Center Bond Referendum

   
 

Tuesday, November 5, 2013


   
 

On Tuesday, November 5, Myrtle Beach voters will decide whether the city may issue up to $10,000,000 in bonds for construction of an Auditorium and Performing Arts Facility at the Myrtle Beach Convention Center.  City Council approved a resolution authorizing the referendum on February 26, 2013. 

 

This information also is available as a two page .pdf file for printing.

 

What is the question?

 

In the simplest of terms, the referendum asks voters whether the city may issue up to $10,000,000 in general obligation bonds for the purpose of building an Auditorium and Performing Arts Center at the Myrtle Beach Convention Center.  Here is how the question will appear on the November 5 ballot.

 

Shall the City Council of the City of Myrtle Beach be empowered to issue and sell, either as a single issue or as several issues, general obligation bonds of the City of Myrtle Beach, South Carolina, in the principal amount of not exceeding $10,000,000, the proceeds of which shall be applied to defray the cost of construction of an Auditorium and Performing Arts Facility on the site of the Myrtle Beach Convention Center, together with related costs such as architectural and engineering fees and costs of issuance of such bonds?

 

In Favor of the Question      Yes  [  ]

 

Against the Question            No   [  ]

 

If you are in favor of the question, place a check or cross-mark in the square after the words “In Favor of the Question/Yes”; if you are opposed to the question, place a check or cross-mark in the square after the words “Against the Question/No.”

 

Why is a vote required?

 

In South Carolina, cities are authorized to issue general obligation bonds totaling eight percent of their assessed property value.  General obligation bonds that exceed the eight percent level must be approved by the voters.  This bond issue would exceed the eight percent level, so it must go before the public as a referendum question.

 

How will the city repay the bonds?

 

As general obligation bonds, the city will repay the money from property tax revenue.  It is estimated that an additional 2.5 mills of property tax will be required to fund the debt service on a $10,000,000 bond issue.  City Council has not applied the Tourism Development Fee property tax credit to the debt service millage rate.  Council has only applied the credit to the city’s operational millage rate for owner-occupied residential property. 

 

What does 2.5 mills of property tax mean in actual dollars?

 

Property taxes are based on the assessed value of the property, both real and personal, with credits for owner-occupied residential property.  Here are the calculations for an extra 2.5 mills in property tax.

 

Effect of an additional 2.5 mills on real estate,

per $100,000 of market value

 

Owner-occupied residential property, assessed at 4%            $10.00

Non-owner-occupied residential property (second home),

    assessed at 6%                                                              $15.00

Commercial property, assessed at 6%                                  $15.00

Manufacturing and utility property, assessed at 10.5%            $26.25

 

Effect of an additional 2.5 mills on personal property,

per $20,000 of market value

 

Automobiles                                                                         $3.00

Other taxable personal property (boats, etc.)                           $5.25

 

For example, an owner-occupied home valued at $200,000 would pay an extra $20 per year in property taxes, or $15 per year with a qualifying Homestead Exemption.  (For residential property owners who are 65 and older, the first $50,000 of an owner-occupied home’s value is exempt from taxation under the Homestead Exemption.) 

 

Is the referendum binding on City Council?

 

No.  If voters approve the referendum, City Council will have the authority to issue up to $10,000,000 in general obligation bonds to build an Auditorium and Performing Arts Center.  Council’s decision to proceed will be based on a number of factors, including interest rates and economic conditions at the time.  The authorization is valid for five years. 

 

What is included in the proposed Auditorium and Performing Arts Facility?

 

As proposed, the Auditorium and Performing Arts Center is a 35,000-square-foot facility with a performing arts auditorium of 500-to-600 fixed seats, a fully equipped performance stage, a “black box” theatre, back-of-house and support space, professional offices and public pre-function areas.  The site is adjacent to the north-west wall of the existing Myrtle Beach Convention Center.  The facility has been designed as a venue for live performances, lectures and presentations.  It is anticipated that it will be available to users of the Convention Center, as well as performing arts groups and other events and assemblies.  The estimated project cost includes site, construction, furniture/fixtures/equipment and fees/expenses. 

 

Is the Performing Arts Center affected by the Indoor Sports Complex?

 

No.  The two projects are separate, with different funding sources.  Bonds to pay for construction of the Indoor Sports Complex, estimated at $12,000,000, will be funded through Hospitality Fees and Tourism Development Fees, rather than general obligation revenues. 

 

This information is available as a two page .pdf file for printing.

 

City Council's Resolution of February 26, 2013, also is available.

   
         
             
 

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937 Broadway Street
P.O. Box 2468, Myrtle Beach, SC 29578
(843) 918-1000   Fax: (843) 918-1028
 
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