Market Common ~ City council approves financing

Council members also gave final approval to a new financing agreement for the Market Common, a commercial and residential project on the former air base that hit a bump two weeks ago.

The developers’ bank had wanted to split the project between two companies, each responsible for one phase of the project.

But city officials rejected that, saying they wanted to work with a single company.

As a result, the developers, Leucadia International and McCaffery Interests extended the project’s letter of credit to guarantee it would provide the city with money in case of a failure or cost overrun.

Council agreed to issue about $45 million in bonds to finance the project, $10 million of which will be bought by the Leucadia.

Source: Lisa Fleisher, The Sun News, Myrtle Beach