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North Myrtle Beach leaders approved the city's annual update to the assessment rate of homes and condos in the Cherry Grove Municipal Improvement District, which is set to bring in about $718,000 in revenue for the city.

Single family properties will be taxed $1,725 and condo owners will be billed $1,190.

The principal payment toward the bond is expected to be about $580,000 and interest will be around $83,000. Administrative expenses will be about $55,000, according to council documents.

The assessment roll is an annual tax that is used to pay off large projects that benefit the homeowners in the district.

The Cherry Grove improvement district was enacted in 2015 to pay for dredging of canals in the Cherry Grove section of the city, costing about $13 million.

In 2022, the city issued another bond of about $3.2 million, which is scheduled to be paid off in 2028.

The man-made canals that were mostly constructed in the 1940s and 1950s had become full of silt, affecting water levels in the area. About $2.9 million in principal debt remains and about $900,000 will be charged to the city in interest.

鈥淚t鈥檚 very important to the residents of Cherry Grove that live on this channel, and I hope that as we move forward we鈥檒l be able to do the main channel, up into the mouth and then pick back up on a potential third dredge at some point in time in the near future,鈥� Councilman Hank Thomas said during the meeting. 鈥淪o in a couple years whenever that time comes, we can do the maintenance again.鈥�