Myrtle Beach entered into an agreement in 2004 that the city would pay 75% of the lease revenue from Lakewood Camping Resort and Pirateland Family Camping Resort to the county to benefit Myrtle Beach International Airport. The city would get to keep the other 25%, according to the lawsuit.
The county says the property currently generates about $3.6 million in rent revenue annually.
Myrtle Beach informed Horry County on Nov. 6 that it intended to sell both properties for $60 million, according to the lawsuit.
Horry County believes the city will stop the rent stream that the county relies on for airport purposes and will keep all of the proceeds from the sale for the city, according to the lawsuit.
The county also claims the city is selling the property for less than fair market value, which would negatively impact the county’s revenue stream. The county seeks an injunction to stop the city from selling the property as proposed or to require that all proceeds from the sale are held in escrow until the claims are settled.
The county wants the property sold at fair market value and that proceeds go to the county for public airport purposes, according to the lawsuit.
