Tag: bailout

The AvCraft Bailout, No Strings Attached to $1.25 Million

Washington, D.C. politicians have nothing on Horry County Council members when it comes to bailing out business.

In an attempt to help AvCraft Technical Services, Inc. become profitable, county council reduced the rent on three hangars occupied by the company at Myrtle Beach International Airport by approximately $1.25 million over a five-year period.

Third and final reading of the lease agreement, Ordinance 53-11, is scheduled for the regular meeting of Horry County Council Tuesday night January 10, 2012. The lease is between Myrtle Beach International Airport and KNH Aviation Services, Inc. the holding company for AvCraft assets.

However, while final approval of the lease awaits council action Tuesday, according to the Horry County Public Information Office, AvCraft has been paying the lower rent since October 2010 through a space use agreement between the airport and the company.