Myrtle Beach, South Carolina – Myrtle Beach is about to become even more appealing internationally with major construction aimed at accommodating J-1 visa holders. The City Council is scheduled to discuss approving a second tax benefit to Wisconsin-based Holtz Builders, developers of the ambitious $40 million international residence hall project. Should this extra incentive be accepted during Monday’s council meeting, it would involve a 1% refund of taxes and fees following construction, therefore strengthening the financial feasibility of the project.
Myrtle Beach officials approved earlier in August a series of incentives including a 30-year property tax rate and an additional tax credit ranging between 50% and 75% for the first 20 years. These budgetary changes seek to maximize the success of the project by modifying the revenue projections for the development and the city.
Assistant City Manager Brian Tucker claims that without such financial incentives, the new development would have yearly produced around $200,000 in property tax receipts. With the incentives, the city expects to see a slow rise in tax collections—beginning with $50,000 yearly for the first five years, followed by $100,000 for the next fifteen years, and finally reaching the full $200,000 year thereafter.
This residence hall is designed specifically for J-1 students, members of a program allowing overseas visitors to participate in job and study-based exchange programs in the United States. Myrtle Beach welcomed 8,528 attendees through this initiative since 2018. One ongoing issue despite its popularity is the availability of affordable seasonal accommodation for these visitors. The new apartment complex seeks to directly solve this problem by giving the students a stable and favorable living space.
Last month’s innovative ceremony for the residence hall prepared the ground for projected completion and inauguration by April next year. This project not only promises to improve the living circumstances for overseas students but also fits Myrtle Beach’s strategic goal of building a lively, cosmopolitan city. City officials gathering to finalize the specifics of the tax incentive proposal have hope that this development will enhance the educational and cultural scene of the city as well as offer a disciplined economic benefit over long terms from higher property tax collections.
