Sun News Article Contained Inaccurate Information Regarding Burroughs & Chapin Company’s Multi-County Business Park Contract with Horry County & the City of Myrtle Beach

Myrtle Beach, SC – January 22, 2007 – An article in the January 21, 2007 edition of The Sun News regarding the pending retirement of Burroughs & Chapin Company’s President & CEO contained inaccurate information about Burroughs & Chapin’s multi-county business park contract with Horry County and the City of Myrtle Beach.

The newspaper article stated or inferred that the company’s business park contract with the County and City had harmed the community and that it had damaged the ability of the Horry County District to meet its revenue needs.

The facts are that Burroughs & Chapin Company continues to perform ahead of its responsibilities and projections with respect to its multi-county business park contract with Horry County and Myrtle Beach. For example $22.6 million in business park funding has been invested in public roads, water and sewer, and storm water drainage improvements. That public infrastructure investment has enabled Burroughs & Chapin and its business partners to privately invest $713.7 million in new commercial development within the company’s business park land parcels. An additional $380 million in private commercial investment by Burroughs & Chapin and its partners is now in process for over $1 billion in private commercial investment. That private investment in the community would not have been possible without the business park in place. That direct investment also has a ripple effect several times over in terms of its indirect impact on the local economy.

When it comes to new tax revenue generated by Burroughs & Chapin’s private investments in business park projects, area governments have realized significant new tax revenue, and the Horry County District in particular has been the big winner with respect to such revenue. For example, annual commercial property tax revenues collected from within the multi-county business park parcels have grown from $435,670 in year 2000 (before the business park contract was in place) to a projected $5.6 million in year 2006 (with the business park in place). The Horry County School District’s share of new commercial property tax revenue generated within the business park land parcels has grown from $284,281 in year 2000 (before the business park contract was in place) to a projected $2.8 million in year 2006 (with the business park in place).

Burroughs & Chapin Company’s relationship with the current School Board is a positive one.

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