County Leaders Treat Carolina Station Development Like Sub-Prime Mortgages
Sunday, June 22nd, 2008County Leaders Treat Carolina Station Development Like Sub-Prime Mortgages
This was sent to the Sun News as a letter to the editor but unfortunately did not get pulished
Horry County leaders are treating the proposed giant development of Carolina Station like banks and homeowners treated sub-prime mortgages—with little thought to their ability to pay in the future.
Consider. The County’s development impact modeling software shows Carolina Station will produce an estimated operations deficit of $2M a year for the next twenty years (including the $15.6M developer contribution which we believe is inflated by approximately $7M). That’s $40M over the next twenty years for the existing taxpayers in Horry County to cover—in addition to our individual current taxes.
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