Economic Development Corp. asks for three-year contract

Claudia Lauer - clauer@thesunnews.com

The Myrtle Beach Regional Economic Development Corp. asked the Horry County Council to consider a three-year contract to fund the agency for $375,000 annually.

The corporation presented a plan for improvement of the agency, which has drawn criticism in the past few years for not meeting job creation results expected by the county. The council heard the proposal today at its spring budget retreat.

Dodd Smith, president and chief executive officer of Metglas Inc. and an EDC board member, presented the plan and the funding request.

"Competition is fierce. When you look at who’s competing for economic development, the competition is fierce for obvious reasons. It’s jobs; and people desperately need jobs. We need to compete," Smith said.

The EDC proposed expanding the board of directors from 10 to 17 members who would have three-year terms and meet every two months. There would also be an executive board that would have one-year rotating terms and meet monthly. Smith said the group has been discussing a change in organization and in efforts that would require hiring a president to replace Hugh Owens, who resigned late last year. He said the terrain provided by the International Aeronautics and Technology Park and the Bucksport Marine Park change the game plan for the organization.

"The EDC of the future needs to be involved in marketing, not in development," Smith said.

Smith said the county has to help provide flexible incentives for potential companies. In his presentation, Smith said the group needs more input from the County Council on a regular basis and in terms of selling the commodities in the county. The group said one of their goals was to communicate more about progress and leads, and increase partnerships with other economic development groups.

Councilman Howard Barnard asked whether the group had input on a measurement plan for success. EDC board President Jimmy Yahnis said the past two years had been a wash in terms of success, but the council should not expect quick results in six months. Smith told Barnard that the group wanted to be challenged, and wanted to work with the council to come up with a reasonable expectation for results if the council would be willing to fund the more than $1 million over the next three years.

The council went into a closed session to discuss the points of the potential contract, but did not vote on a contract after coming out of the session. The EDC's five-year contract with the county for funding will end this year.

Check back with TheSunNews.com for more on the EDC.