RIDE IV HORRY COUNTY

SALES TAX COMMISSION GOVERNMENT & JUSTICE CENTER

COUNTY COUNCIL
December 21, 2023 CONFERENCE ROOM
2:00 p.m.
1301 2nd Avenue
Conway, SC 29526

Commission Members:
Robert Wilfong, Chair
William Goldfinch IV, Vice-Chair
Jay Baldwin
Cecil Patrick
Jody Prince
Chad Prosser

AGENDA

1. Call to Order
2. Invocation & Pledge of Allegiance
3. Public Input – You must sign up with Mrs. Courtney Richardson (843.915.5160) by 4:00 p.m.
the day prior to the meeting.
4. Approval of the Agenda
5. Approval of the Minutes – October 18, 2023
6. SC Highway 90 Corridor Study - Findings
7. Public Information Meetings (PIM)
a. Discussion of Projects
b. Approval of Items to be Presented at PIMs
c. Proposed Locations:
Academy for Technology and Academics, Carolina Forest Recreation
Center, Conway, James R. Frazier Community Center, Myrtle Beach, North
Myrtle Beach, South Strand Recreation Center
8. Future Meeting: February 21, 2024
9. Executive Session (if necessary)
10. Adjourn
 `RIDE IV HORRY COUNTY
SALES TAX COMMISSION GOVERNMENT & JUSTICE CENTER
COUNTY COUNCIL
October 18, 2023 CONFERENCE ROOM
10:00 a.m.
1301 2nd Avenue
Conway, SC 29526

MINUTES

Members Present: Robert Wilfong, Chairman; William Goldfinch IV, Vice Chairman; Chad
Prosser; Jay Baldwin

Members Absent: Cecil Patrick and Jody Prince

Others Present: David Gilreath; Jason Thompson; David Gilreath; Andy Markunas; Steve
Gosnell; Barry Spivey; David Jordan; Tammy Stevens; Courtney Richardson; Thomas Bell;
Leah Quattlebaum, and Mark Hoeweler

In accordance with the FOIA, notices of the meeting were provided to the press stating the time,
date, and place of the meeting.

Chairman Wilfong called the meeting to order at approximately 10:00 a.m.

William Goldfinch IV gave the invocation.

Chad Prosser led in the Pledge of Allegiance.

Chairman Wilfong asked if there were any changes to the agenda; there were none.

Chad Prosser made a motion to approve the September 20, 2023 meeting minutes; Jay Baldwin
seconded. The minutes were approved unanimously. Chairman Wilfong stated there were a few
errors that were requested to be changed. Chad Prosser made a motion to approve the minutes as
amended, Jay Baldwin seconded. The amended minutes were approved unanimously.

Barry Spivey gave a presentation regarding the revenue projections. Mr. Spivey started his
presentation off showing the revenue from RIDE II, which was a seven-year sales tax program.
Over the seven-year period, approximately $448 million was collected. Over this period of time,
there was an overall growth rate of 1.7% in revenue; this timeframe included the “great
recession” which had an 8.6% drop during that period of time which was FY2010. RIDE III
started a few years after RIDE II and over the six years it has been into effect, there has been a
growth rate of 11%. During FY2020, Horry County had a 0.03% growth rate, even during the
Covid-19 pandemic. Mr. Spivey stated we are recommending we consider a higher growth rate
than what has been previously presented. We are recommending a growth rate of 4% for RIDE

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IV, which is a conservative approach. Our Federal Reserve is trying to control inflation at 2%.
Horry County has grown 3.48% in population over a ten-year period and more people coming to
our area will drive additional transactions from a sales tax perspective. There are two elements to
our growth, not only inflation, but also the natural growth in terms of our market as a whole.

Mr. Spivey presented the RIDE III actual revenue that has been received thus far and based off
these numbers, we are currently achieving the highest numbers we have seen through this
program. Mr. Spivey then presented the projected revenues, on the conservative side, for RIDE
IV. The projected revenue for RIDE IV would be approximately $5.5 billion for the commission
to consider based off the project needs.

Barry then stated with the consideration of larger projects, there may be a need for financing to
be considered as part of the overall plan. The authority to borrow was included in RIDE II and
RIDE III but we have been able to use a pay as you go approach due to the monies coming in,
therefore, there has not been a need to finance. There is a higher cost due to the interest
component when financing. If we were to consider something along the lines of a $500 million
loan, over twenty years, the interest cost would be around $300 million. If you looked at $500
million over a fifteen-year loan, the interest cost is just over $200 million. When considering the
overall projects, if there are any projects of regional significance, which may mean we need to
borrow, there needs to be a consideration for interest as a use of some of these dollars. Barry also
stated when the monies are in the bank, they will earn interest, which will offset some of the
interest cost as well. Once a recommended group of projects, as well as a timeline, has been
established, we will then be able to give a specific projection if financing is necessary and how
much.

Barry then presented a slide showing the population and how many voters were in each
jurisdiction within Horry County. He also showed a slide showing where the sales tax is
collected and how much was collected during FY2023; this information was provided to us by
the Department of Revenue.

Chairman Wilfong stated the next item to discuss is the additional projects, as we consider the
Transportation Tax, in addition to the RIDE IV Advisory Committee’s recommended list.

Chairman Wilfong asked if there was an update regarding the resolution from County Council.
David Jordan stated he has been working with the municipalities, making sure everyone was on
the same page, but we would have it at the next meeting.

Chairman Wilfong stated the committee was asked to prepare additional projects for
consideration so we could have time to get the projects submitted to SCDOT for pricing.
Chairman Wilfong stated Jay Baldwin submitted the Barefoot Bridge Replacement, Highway 17-
Windy Hill Intersections, Possum Trot Road Extension, and Edge Parkway; Jay stated this is
correct. Chairman Wilfong then stated the City of Myrtle Beach has provided Kings Highway:
improve US Highway 17 from Farrow Parkway to 31st Avenue North. William Goldfinch stated
his project submissions consisted of an additional Conway river crossing, widening East Cox
Ferry from Highway 90 to Highway 544, potentially widening Cultra Road, and a potential exit

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ramp off Highway 501 West onto Marina Drive. Mr. Goldfinch wanted to make it clear some of
the widening of East Cox Ferry was not in the city limits, but some was.

David Jordan asked if the widening of East Cox Ferry would stop at Highway 501 or go all the
way to Highway 544. Mr. Goldfinch stated they have talked about it going all the way to
Highway 544 and improving the intersection on Highway 501. Chairman Wilfong stated it is
important to realize these projects are being requested for study and pricing by SCDOT. Leah
stated the intersection along Highway 501 will be improved within the RIDE III Highway 501
Widening project and believes the intersection on Highway 544 is being improved through
another SCDOT project but does not have the details on that project.

Chad Prosser stated he had a couple of additions. These projects are the southern connector,
which has had a few names but most recently known as the Southern Evacuation Lifeline
(SELL) project, which the EIS is currently being funded by RIDE III. There are two projects that
are funded through the hospitality fee, Augusta Interchange and Garden City Resiliency) and
from his understanding, these projects may be under funded. He would like to backstop these
projects with additional funding to make sure they can be completed. If this is going to be a ten,
fifteen, or twenty-five-year program, he would like to see some flexibility for some local
intersection safety and capacity improvements. Mr. Goldfinch asked if these intersections would
be named now or be improved as they are needed for issues that are not seen at the moment. Mr.
Prosser stated his thoughts are as long as the referendum describes sufficiently what we are
doing, and the voters approve it, then as long as it’s broad enough, there would be some
flexibility as an on-going basis as RIDE IV progresses.

Mr. Prosser stated once we receive the pricing back regarding these projects, he would like to
have a map to be able to visualize so everyone has a clear understanding of the project.

Jay Baldwin stated the four projects he submitted have all been recently updated and approved in
the GSATS Long term Transportation Plan.

Chairman Wilfong presented the projects submitted by Jody Prince since he was unable to be at
the meeting. Two projects are an additional 100 miles of dirt roads to be paved, as well as an
additional 300 miles of resurfacing, to compensate for additional time in lieu of going from
seven or eight years to twenty-five years with the transportation tax. David Gilreath stated in
RIDE III, the resurfacing funds were allocated to each municipality and the county based on the
number of miles they maintain, and he recommends something similar to that is done for RIDE
IV. Chairman Wilfong stated another project Mr. Prince had was Hardwick Road, which is a
road for the equestrian center. Mr. Gilreath stated Hardwick Road is currently a 3 or 4-mile long
dirt road that provides access to a facility that is currently being planned and will be constructed
during this period. Another project submitted by Jody Prince is the widening of Highway 701
from SC 9/Airport Road to the North Carolina state line. Mr. Gilreath stated he has been told
over time from council members in that area, and Jody as well, this area becomes a parking lot
from traffic coming into the county going towards the beach which makes it difficult for public
safety assets to get up and down the road when needed. One other project Mr. Prince submitted
was the widening of Highway 701 from Highway 22 to Highway 410. Mr. Gilreath stated this is

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an extension of the current RIDE III Highway 701 Widening project, which widens Highway
701 from Highway 319 to Highway 22.

Chairman Wilfong stated he would like to add the Interstate Connector and help Coast RTA.

Mr. Gilreath asked if there was an official position the commission would like to take regarding
the RIDE IV Advisory Committee recommended list? Chairman Wilfong stated he would like
the committee to take a motion for the projects to move forward for consideration for pricing
only; this is not in anyway a motion adding them or taking them away from a list or making them
any kind of priority, but for pricing only. Mr. Goldfinch made the motion and Mr. Prosser
seconded. Mr. Prosser stated this will help prioritize and choose the projects once pricing has
been received. Mr. Gilreath asked if the motion included the RIDE IV advisory committee list;
several members stated they believe so, so those projects can be considered. The motion was
approved unanimously.

Chairman Wilfong confirmed the next meeting will be held on November 15, 2023 at 10:00 a.m.

Jay Baldwin made a motion to adjourn the meeting; Chad Prosser seconded. The meeting was
adjourned at approximately 10:30 a.m.