Port Royal redevelopment delayed on SC coast

PORT ROYAL, S.C. (AP) — Plans to redevelop the Port of Port Royal with businesses and homes have been delayed while the final purchase of the land is worked out.

The Beaufort Gazette reports (http://bit.ly/x1KPr4op ) there will be a delay of about two months while developers finalize the purchase of the 52-acre tract from the South Carolina State Ports Authority.

Port Royal town manager Van Willis says that the $17 million purchase requires the town to obtain about a quarter of a $4.5 million loan to build roads, parks and put in drainage.

The town has a development agreement with the Port Royal Development Group. Willis said town officials were not aware of the loan requirement until about two weeks ago.

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Information from: The Beaufort Gazette, http://www.beaufortgazette.com